Yemeni rebar importers prefer to wait and see for time being

According to market sources, following sales of 40,000 mt of Turkish rebar concluded to Yemen in the range of $465-470/mt CFR on theoretical weight basis in recent weeks, Turkish producers' rebar offers to the country have increased by $10/mt over the past week to the range of $470-475/mt CFR on theoretical weight basis, in line with rising import scrap prices in Turkey.
 
However, Yemeni traders are unlikely to accept these offers amid political tensions in the country and financial uncertainties in the global market. Moreover, Yemeni buyers prefer to wait for a while before concluding new transactions as they suspect the increase recorded in rebar prices is temporary.
 
Meanwhile, Chinese market players have returned to the markets with aggressive offers after the Chinese New Year holiday (February 18-24), but no new offers have been heard from China to the Yemeni rebar market as Yemeni buyers do not show much interest in Chinese products at the moment.