Rebar prices in Middle East countries, which started decreasing after reaching peak in early April, continued to remain weak last week amid lower import levels from Turkey.
But the main reason of long products prices decrease in the MEA region is the drop in demand.
When the going was good, stockists and suppliers replenished their stocks and sealed deals for supplies of large quantities of rebar in April to June albeit at very high prices. Now when the domestic mills have started to reduce prices amid cheaper import offers, they have become quite cautious remembering the July 2008 nightmare.