In the UAE domestic market, this week rebar demand has remained at low levels. Price levels for rebars in the domestic market have dropped over the past week to AED 2,725-2,750/mt on theoretical weight basis. Turkish producers have cut their offers by $10/mt over the past week and are now offering rebar to the UAE for late October/early November shipments at $690-695/mt CFR, on theoretical weight. Even though the prices are expected to soften further in the coming days and buyers are therefore remaining on hold, SteelOrbis learns that some bookings have been concluded at the abovementioned levels to this country.
In Jordan, demand for rebar is observed to have slowed down. Medium size rebar prices for 30-day deferred payment are at JOD 650-660/mt ex-works, including eight percent tax. For the moment, buyers prefer to book from the domestic market rather import.
Yemen is preparing for the Feast of Sacrifice, while the political problems in the country are exerting a negative effect on demand for rebar. Prices for imported medium size rebar in the domestic market offered by local traders have dropped by $10/mt over the past week, standing now at $810-820/mt ex-warehouse on theoretical weight basis for payment at sight. In the meantime, Turkish producers are offering rebar to Yemen at $690-695/mt CFR , on theoretical weight, with a drop of $10/mt over last week. However, buyers' price idea is at around $660-670/mt CFR, and so they prefer to remain on hold.
Kuwait is witnessing a flat trend in terms of rebar prices, while demand is still low. Domestic rebar market levels are still at KWD 218-220/mt ex-warehouse on theoretical weight basis. Turkish producers are offering rebar to this market at $695/mt CFR on theoretical weight basis, softer compared to last week. However, buyers in Kuwait believe a further softening from these levels will be obtained, and their price ideas are about $20/mt below the abovementioned offer level.
Rebar demand in Saudi Arabia is indicating a stronger performance compared to the other Middle Eastern markets. The retail price level of rebar in the Saudi domestic market remains unchanged at SAR 2,900/mt ex-works on theoretical basis, while the wholesale rebar sales price is SAR 2,800/mt. Despite the global downward trend, market players intend to maintain their existing price levels in Saudi Arabia.
In Israel, rebar demand which had remained strong in recent weeks has lately become quieter. Offers from Turkey were most recently at $720-730/mt CFR, actual weight. However, buyers in the region are not in a hurry and prefer to watch the market for the time being.
In Egypt, while domestic demand for rebar is low, buyers are closely following Turkish producers' offer levels due to the competitive prices involved. Turkish producers have reduced their offers for Egypt by $5/mt and are now offering $695/mt CFR, actual weight, for prompt shipments. Some buyers have reportedly concluded bookings at this level, and some are getting ready to book, as SteelOrbis understands.