Amid unsatisfactory demand and recent imports, one of the larger Romanian traders has made the decision to lower prices, causing the market to drop sharply. As a result, the majority of traders decided to follow suit and reduce their prices as well.
“Besides, there is little demand. Things are more difficult because one of the traders announced lower prices and the market is now down. Unfortunately, prices are determined by the market situation and demand, not by the purchase prices,” a trader told SteelOrbis.
In the meantime, the sole rebar producer, which had attempted to raise prices significantly but did not receive the desired interest from buyers, has chosen to keep offers stable week on week. Furthermore, traders' concerns about future pricing and the market evolution have increased in the light of impending imports of new supplies.
“Demand is neither strong nor terrible, but I am afraid it may be put under pressure by a number of import cargos that have been booked to Romania ex-Turkey in the past month,” a large trader told SteelOrbis.
This week, the sole domestic mill’s rebar price is stable week on week at €600-605/mt ex-works. On the other hand, Romanian rebar traders have decreased their offers by €10-15/mt week on week to €570-585/mt ex-warehouse.
In the wire rod segment, demand has not improved despite the increase in offers recorded in the previous week, and so the majority of traders have decided to keep offers unchanged. Currently, offers for wire rods are approximately €570-590/mt ex-warehouse.
Moreover, in the import market, according to reports, Egypt has decided to increase their offers for both rebar and wire rods by €5-10/mt to €565-575/mt CFR for December shipments. While Moldova has chosen to reduce offers slightly to €600/mt CPT from €600-610/mt CPT, Greece has continued to keep its rebar and wire rod offers stable at €605-610/mt CFR and €615-620/mt CFR, respectively.