Kuwaiti rebar demand to revive after formation of new cabinet

The Kuwaiti domestic rebar market is maintaining its sideways trend, with medium size rebar offers remaining unchanged at the price range of KWD 210-214/mt ($754-768/mt) ex-warehouse, on theoretical weight basis.
 
Last week, Turkish mills' rebar offers to Kuwait were standing at $655-670/mt CFR, while a transaction for a 2,000 mt containerized rebar cargo was concluded at $665/mt CFR.
 
Kuwaiti market players state that domestic rebar demand is currently low in the country, and so they are not planning to book any import material for the time being. However, they also say that local demand may show a revival in the coming days, after the formation of the new government this afternoon.
 
This week, no new transaction has so far been concluded from Turkey to Kuwait, while the number of offers has been reduced.
 
KWD 1 = $3.59