Last week, Kuwaiti producers' rebar offers to their domestic market had declined to KWD 210-212/mt ($754-661/mt) ex-works. Turning to the current week, rebar quotations have remained unchanged in the Kuwaiti domestic market, while demand is low. On the other hand, Turkish producers' most recent rebar offers to the Kuwaiti market were at $690-695/mt CFR, while no new offers from Turkey have been heard in the market so far.
Towards the end of 2011 Kuwait faced political tensions, while the election of a new government in March this year does not seem to have provided a remedy for the problems in the country. Ongoing political instability has caused disruptions as regards government projects, and this situation has negatively affected domestic rebar demand.
KWD 1 = $3.59