Kuwaiti mills' rebar offers to the domestic market have decreased by KWD 5-7/mt ($18-25/mt) as compared to last week and are currently standing at KWD 203-205/mt ($727-734/mt) ex-works. While rebar demand has generally remained sluggish, demand is likely to slow further with the approach of Ramadan which starts in mid-July this year.
Rebar offers from Turkish mills to Kuwait were standing at $650/mt CFR two weeks ago, but since these offers had failed to attract attention Turkish mills reduced their offers to the level of $640/mt CFR last week. However, the offers from Turkish mills still attracted limited interest last week and so quotations fell further to $630/mt CFR. Local market sources indicate that demand for the offers in question has remained weak as local buyers believe that prices will continue to soften and so they prefer to postpone their purchases.
KWD 1 = $3.58