Rebar from local producers is currently selling at USD 650/t CPT, which is USD 5-10/t lower than last month. Current market volumes are hovering around 60,000 tons per month, market sources said.
In a search to offset the contraction in demand, Omani producers are looking for opportunities in regional markets by turning to exports. Producers are looking for customers in neighboring countries, particularly in the United Arab Emirates (UAE), with a price of USD 632/t CPT. However, due to unfavorable market conditions, smaller Gulf Cooperation Council (GCC) countries have not yet been offered.
On the other hand, there is also activity in the import billet market. An Omani trader is reportedly aiming to sell Iranian billets at USD 400/t FOB, but buyers are reportedly offering USD 395/t FOB. Local semi-finished products are currently unavailable in the market and if they were available, their prices would not be lower than USD 510/t CPT.
Market volatility and uncertainties are expected to encourage local producers to look to exports, especially to capitalize on opportunities in regional markets.
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