Kuwaiti rebar demand remains quiet, domestic prices soften

In the Kuwaiti domestic market, last week rebar prices were standing at KWD 213-214/mt ($765-768/mt) for deliveries to customer. However, the very poor demand in Kuwait has forced producers to reduce their domestic offers, with their rebar prices now standing at KWD 210-212/mt ($754-761/mt) for deliveries to customer.
 
On the other hand, Turkish mills' rebar offers to Kuwait are at $700-705/mt CFR on theoretical weight basis, for May shipments. Buyers in the Kuwaiti market, where no rebar transaction has been heard for quite a while now, state that their inventory levels are high and that local demand has remained low. Thus, these buyers say that they do not intend to conclude any new bookings, even if they receive offers significant lower than current price levels. SteelOrbis has learned that delays in planned government projects are also negatively affecting local rebar demand in Kuwait.
 
KWD 1 = $3.59