Jordanian rebar market in search of increased activity

In the Jordanian domestic rebar market this week, medium sized rebar prices have increased by JOD 5/mt ($7/mt) on the upper end of the price range, reaching JOD 600-620/mt ($845-873/mt) ex-works, including eight percent VAT, on actual weight basis, for 30 and 45-day deferred payments. However, it is heard that some mills' offers may be below $600/mt ($845/mt) ex-works.
 
Economic uncertainty in Jordan is expected to dissipate with the recent approval of the new 2012 budget, though the budget deficit is predicted to reach $1.5 billion, and it is thought that domestic rebar demand may rebound on the back of the reduced uncertainty. Rebar buyers in the country are still restricting their purchases within the scope of their needs due to ongoing tight liquidity.
 
In the meantime, no new rebar import offer has been heard this week either.
 
JOD 1 = $1.408