Kuwaiti mills' rebar offers to the domestic market have remained unchanged over the past two weeks at KWD 210/mt ($748/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.
Last week, rebar offers from Turkish mills to Kuwait were standing at $650/mt CFR, but since this offer failed to attract attention Turkish mills have been forced to reduce their offers to the level of $640/mt CFR this week. However, amid low demand and local buyers' reluctance to conclude deals in expectation of further price declines in the Kuwaiti domestic market, the Turkish mills' offers at $640/mt CFR have also failed to attract interest.
KWD 1 = $3.56