Bahrain rebar market awaits long-absent Qatari mill's offer
Bahrain's rebar traders are still waiting for the Qatari major to offer rebar for September shipment. The supplier is returning to the market after seven years of strained relations between Qatar and its Gulf Cooperation Council neighbours. But it will only get a foothold if it offers competitive prices against Emirati and Saudi rebar suppliers, notes Kallanish.
This week, delivered rebar retail prices in Bahrain are unchanged at BD 238-240/tonne ($633-638) on credit.
Traders booked from the Dammam-based Saudi mill at $600/t and the Emirati major at $614/t, both delivered and on credit.
"The rebar market is modest in terms of demand and consumption. But I don't understand why some traders are closing deals at BD 237/t delivered, which leaves no profit to the seller after deducting the costs," comments a sell-side source.
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