Rebar demand in the UAE remains weak, while local rebar prices in the UAE this week have remained stable at the range of AED 2,750-2,775/mt ($749-756/mt) ex-works on theoretical weight basis. Buyers in the UAE are currently not inclined to book rebar, since they wait for the arrival of four rebar cargoes from Turkey until mid-October, which were purchased at $720/mt CFR, totaling approximately 150,000-170,000 mt. In the meantime, Turkish mills' rebar offers to the UAE for October shipments stand at $725-730/mt CFR on theoretical weight basis.
Rebar demand in Saudi Arabia is currently at good levels, as contruction projects are resumed after Ramadan. In the Saudi Arabian market retail prices for rebar remain at SAR 2,900/mt ($773/mt) and wholesale rebar prices are still at SAR 2,800/mt ($746/mt) - both ex-works and on a theoretical weight basis.
Rebar demand in Kuwait is still sluggish. In this week's Kuwaiti domestic rebar market medium size rebar offers have remained at the price range of KWD 218-220/mt ($787-794/mt) ex-warehouse, including taxes, on theoretical weight basis. Amid lack of improvement in rebar demand in the country, Kuwaiti rebar buyers are still following a wait-and-see stance, remaining cautious as regards new purchases. Although there have not been many import offers heard in the Kuwaiti market, Turkish mills' latest rebar offers to Kuwait have been at $730-740/mt CFR, on theoretical weight basis.
Due to the risen political tension in Yemen, banks are reportedly closed, with no transaction possible for now. Consequently, rebar demand in Yemen is significantly sluggish. in Yemen's domestic steel market, this week local traders' offers of imported medium sized rebar still stand at the price level of $820-830/mt ex-warehouse, for cash payment, on theoretical weight basis. In the meantime, SteelOrbis has further learned from market sources that Turkish steel mills' rebar offers to Yemen have increased by $10-15/mt last weekend, reaching to $740-745/mt CFR on theoretical weight basis. However, with the influence of the political upheaval in the country, buyers are not currently active in the market. So it is thought that Turkish mills' rebar offers to Yemen may see some softening in the coming days.
Israeli mills' rebar offers to their local market still stand in the price range of $850-860/mt ex-works, excluding 15.5 percent VAT, on actual weight basis, while rebar demand in the country is still at good levels. Although prices in Israeli shekel basis have remained unchanged, due to the strengthening of the US dollar, prices in dollar basis have declined by $10/mt as compared to last week. Rebar demand in Israel is still strong. However, approaching to the holiday that will start by September 28, demand is expected to slowdown. In the meantime, Turkish rebar offers to Israel have decreased by $10/mt as compared to last week to $750-755/mt CFR. Finding European rebar offers more attractive, Israeli buyers are not booking material from Turkey for now to see future market trends, with the support of their sufficient inventory levels.
Rebar demand in Egypt is low, while Turkish offers to Egypt this week have softened by $5/mt to $730-745/mt CFR on actual weight basis. It is learned that price idea of Egyptian buyers are below this price range, and some Egyptian market players have increased their inquiries to Italy and Spain.