Early this week, in the UAE steel market local integrated steel producer Emirates Steel Industries (ESI) announced that it will keep its domestic rebar price unchanged for September shipments, as compared to its price level for August shipments, at the level of AED 2,760/mt ($751/mt) ex-works. In the meantime, another UAE-based steel producer Conares Metal Supply has announced its 8-32 mm rebar prices at AED 2,740/mt ex-works for September and October shipments.
In the UAE domestic market, local rebar prices this week have softened due to low demand to the range of AED 2,750-2,775/mt ($749-756/mt) ex-works on theoretical weight basis. In the meantime, Turkish mills' rebar offers to the UAE have increased by $5-10/mt this week to $725-730/mt CFR on theoretical weight basis, for September shipments. Buyers in the UAE prefer to monitor the new market trends in the post-Ramadan period and thus they opt to delay their rebar bookings. Market sources state that in September rebar supplies may remain on the short side for some sizes in Dubai. However, with the arrival of cargoes from previously concluded rebar transactions into the country in October, a large volume of material is expected to enter the UAE market and provide some relief.
In Saudi Arabia, domestic rebar demand is still low in the country in the last week of Ramadan, market players state that they expect the market to witness increased activity 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.
Medium sized rebar prices in Jordan have softened this week by JOD 20/mt ($28/mt) as compared to last week in line with very weak demand to JOD 640-650/mt ($903-917/mt) ex-works, including eight percent VAT, on actual weight basis, for 30-day deferred payment. With the anticipation of better demand to be seen in September, some traders are now seeking to obtain rebar supplies from Dubai-based steel producer Emirates Steel Industries (ESI) and from Ukraine.
In this week's Kuwaiti domestic rebar market medium size rebar offers have remained at the price range of KWD 218-220/mt ($800-807/mt) ex-warehouse, including taxes, on theoretical weight basis. Rebar demand in Kuwait is still sluggish. Turkish mills' rebar offers to Kuwait this week stand still at $730-740/mt CFR, on theoretical weight basis. Market sources state that buyers will likely monitor the market trend after the Ramadan holiday before starting their purchases.
Although rebar demand is still very quiet in the Egyptian domestic market, Turkish mills' rebar export offers to this market have increased this week to $725-730/mt CFR on actual weight basis, for September shipments. While Egyptian buyers state that these offer price levels are high, they prefer to wait and see the new price levels after the Ramadan holiday.
Rebar demand in Yemen is still low in the last week of Ramadan before the holiday, in line with other Middle Eastern rebar markets. 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 $5/mt as compared to last week, reaching $725-730/mt CFR on theoretical weight basis. A rebar cargo of 20,000 mt from a transaction concluded before Ramadan is expected to arrive in Yemen within the first two weeks of September. Yemeni buyers are currently delaying their rebar purchases in order to observe the market trends after the Ramadan holiday.