It is heard that the Turkish producers' latest deals concluded to Dubai have been at the price level of $1,550/mt CFR Dubai. It is expected that, after a certain number of deals concluded at the abovementioned price level, the new offers of Turkish rebar producers will be at $1,570/mt CFR Dubai. Due to the increasing rebar demand in Dubai, these price levels are being met with acceptance in this local market.
Looking at the southern European rebar market, it is observed that base rebar prices in Spain have gone up slightly; the rebar price level in this market has this week been at €820/mt ($1,288/mt) ex-works. The increase in base rebar prices in Spain has helped push up local billet prices. It is heard that some Spanish producers have started giving priority to exports of billet rather than of rebar. Spanish billet export offers have this week been at €780/mt ($1,225/mt) FOB Spain.
The unsteadiness in end-user demand in Italy has been considered as the main reason behind the price flatness in the local market. Rebar prices in the local Italian market have this week been at €800-810/mt ($1,257-1,272/mt) ex-works, excluding VAT, while the export market offers have been at €800/mt ($1,257/mt) FOB Italy.
Looking at the Portuguese market, it is observed that similar price levels exist in southwestern Europe, with rebar prices in this country at €810-820/mt ($1,272-1,288/mt) delivered to customer, excluding VAT. The Portuguese traders, who are currently engaged in imports, say that end-user demand is low in their country and that the mentioned international price levels are not being met with acceptance in this local market.
The rebar prices in the local Bulgarian market have not changed compared to the previous week and have been standing at €810-820/mt ($1,272-1,288/mt) ex-works, excluding VAT. It is observed that end-user rebar demand in this country has been more active compared to the other southern European countries.
The rebar prices in Romania have this week been in the range of €900-920/mt ($1,413-1,445/mt) delivered to customer, excluding VAT - levels which are also at higher numbers compared to other southern European countries.
Local traders in Greece say that the construction sector in their country is not in the best of health for the time being, and that rebar prices in the local Greek market have this week been at levels of €850-880/mt ($1,335-1,382/mt) delivered to customer, excluding VAT.
Rebar is as precious as gold in the Middle East nowadays due to Saudi Arabia's decision to restrict rebar and scrap exports. Following this decision, Kuwait and Bahrain have turned their attention to other supplier countries. In addition, the demand level in Qatar has also strengthened. Rebar prices in Saudi Arabia have this week been in the range of SAR 5,350-5,600/mt ($1,334-1,452/mt) delivered to customer on a theoretical weight basis, including five percent VAT.
The Turkish rebar producers who do not export to Dubai this week announced export prices in the range of $1,380-1,400/mt FOB. Time will tell that what levels these prices will reach under the influence of the new export markets such as Bahrain, Kuwait and Qatar.