According to market sources, the Algerian government has released rebar import licenses for a total of 400,000 mt.
These tonnages have been added to the 534,100 mt that were released in late July and that had caused dissatisfaction among Algerian importers as in 2016 the Algerian government had granted licenses for a total of 2 million mt of rebar imports for the full year. Moreover, 180,000 mt of the 534,100 mt were allocated to state-owned companies, while the remainder was distributed to a little more than 100 private companies. This situation also pushed European exporters to target alternative markets, such as Canada, the US and Libya.
The latest decision by the Algerian government - which has changed after the recent elections in the country - is due to strong demand and high domestic prices.
Meanwhile, according to sources, European producers have lately been selling rebar to the export markets at €480-490/mt FOB.