The latest rebar sales concluded by Turkish producers to the UAE market are awaited to be received by buyers within the first 10 days of October. Consequently, traders in the UAE market with inventories at moderate levels may have to face some availability problems for certain sizes of rebar until they receive their new cargoes.
In the local UAE market, demand for rebar is seriously low, while price levels in the domestic market still remain at AED 2,750-2,800/mt (approx. $750-762/mt) ex-works. Buyers prefer to wait and see the direction of the market, as they are looking to understand if the offer levels will soften or not.
In Saudi Arabia, demand for rebar is very low due to the Ramadan period, while market players expect stronger demand after Ramadan. Domestic Saudi Arabian market levels for rebar retail sales have remained unchanged at SAR 2,900/mt (approx. $773/mt) ex-works on theoretical basis, while wholesale price levels are at SAR 2,800/mt.
In Jordan, domestic rebar demand is also very low. The price level for 30-day deferred payment for medium-size rebar is at JOD 660-670/mt ($930-945/mt)ex-works, including eight percent tax on actual weight basis. Following the receipt of high quantities of rebar from Ukraine and Dubai, traders in Jordan currently prefer to wait for a while before booking new material. Furthermore, after the reduction last week, rebar prices in the domestic rebar market have remained unchanged.
In the domestic market of Kuwait, medium-size rebar offers on theoretical basis still remain at KWD 218-220/mt (approx. 800-807/mt) ex-warehouse, including taxes. With the impact of hot weather conditions as well as of Ramadan, demand in this market is also very low. Turkish producers are offering rebar to Kuwait on theoretical basis at $730-740/mt CFR levels; however, currently buyers are not really willing to book under the current circumstances.
Yemen is another Middle Eastern market facing slow demand. In the domestic market, local traders are offering medium-size rebars for cash payment on theoretical basis at $820-830/mt ex-warehouse. In the meantime, offers by Turkish producers to Yemen have remained unchanged over the past week at $725/mt CFR on theoretical basis. However, the uncertain environment is keeping market players from making any move, and so they indicate they may consider offers around $700/mt CFR when Ramadan is over.
In Israel, contrary to other countries, demand maintains its firmness, with domestic producers offering to their local market at $870-880/mt ex-works, excluding 15.5 percent VAT on actual weight basis, with no change from last week. Previous deals concluded with Turkey at $760/mt CFR have started to arrive at traders in Israel who indicate new offers at $750-760/mt CFR for September shipment, on actual weight basis. With the arrival of remaining cargoes in the coming days, the Israeli market is expected to gain some relief. Accordingly, traders are planning to watch the economic situation for a while, without booking new material before the end of Ramadan.
The rebar market in Egypt is observed to be very quiet this week. Offers by Turkish producers to Egypt this week are still within the range of $720-725/mt CFR on actual weight basis for September shipments. Buyers in Egypt also plan to wait without making any move up to the end of Ramadan, or may look for the price levels of $700/mt CFR for shipment in August. However, Turkish producers indicate that August shipment is impossible and even September shipments may become unavailable in the coming days.
In the Iraqi market, offers from the Iskenderun region of Turkey remain strong at $735-740/mt ex-works on actual weight basis. Inquiries from Iraqi buyers have recommenced and market players are expected to become more active in buying next week or by the end of Ramadan.