Posted on 02 Apr 2024
Bahrain's new rebar re-roller, Manama Steel, has sealed its first contract in the domestic market after receiving approval from the local ministry for its 8-32mm diameter rebar production. With the Emirates major out of the Bahraini market since the beginning of the year, local rebar re-roller Unirol, integrated mills Doha-based Qatar Steel, Saudi Al Ittefaq and Oman's Jindal Shadeed or Sohar Steel will compete in the market against new entrant Manama, notes Kallanish.
Towards the end of Ramadan, rebar sales slowed down. Retail rebar prices are prevailing at BD 248-250/tonne ($660-665) delivered on LC at sight for a minimum of 90 days.
Local rebar producers are quoting rebar at BD 227-233/t delivered on 60 days credit, depending on the quantity and the customer.
As the Eid holidays approach, expatriates in the construction sector are preparing for a break of over a week, starting this weekend. This will lead to a temporary halt in rebar sales, with work set to resume on April 14.
Rebar suppliers in neighbouring countries are anticipated to adjust their prices for delivery to Bahrain this week. The expected range is around $590-600/t, with delivery to Bahrain on LC 90 days.
"Rebar sales have slowed down significantly and will continue to do so until mid-April," says a senior industry participant.
Source:Kallanish
