In this week's Bulgarian domestic rebar market, prices have remained unchanged as compared to last week at BGN 1,030/mt ($692/mt) CPT on actual weight basis, exclusive of 20 percent VAT, while the market has is still sluggish due to adverse weather conditions.
Since transportation services have been affected negatively by the cold weather, rebar sales and transportation of goods have slowed down in Bulgaria.
In the meantime, finding current rebar prices to be on the high side, Bulgarian buyers are still adopting a cautious approach as regards concluding new bookings. In addition to the pressure on market prices from buyers' resistance, local rebar mills are foreseen to move down their prices to some extent in the coming days, as they seek to bring in cash and replenish their raw material inventories. The unstable European economy is also a factor causing Bulgarian buyers to wait.
Finding Turkish rebar offers to be on the high side, Bulgarian buyers are leaning more towards lower CIS offers. However, there has not been any transaction concluded so far from Ukrainian rebar offers to Bulgaria at $665/mt CFR, as Bulgarian buyers anticipate a softening in Ukrainian offers.