Bulgarian domestic longs prices fall amid weaker scrap prices

Over the past month, local Bulgarian longs prices have fallen significantly following the sharp decline in import scrap prices in Turkey. "Local Bulgarian longs prices are sliding, in line with the global market trend," one source mentioned. "Stock levels on the buyers' end are quite high. Demand is still limited." another source commented.

In the import segment, import rebar offers to Bulgaria are available in a wide range, at €610-640/mt CFR Bulgarian Black Sea ports for minimum 5,000 mt cargoes for shipment by the end of May-beginning of June, depending on the origin, from Asia, Africa and Ukraine. As regards wire rod, prices are subject to negotiation. In most cases, the same prices are available for serious buyers, SteelOrbis has heard.

Currently, ex-Turkey rebar and wire rod offers are standing at $650/mt (€598/mt) FOB and $660/mt (€670/mt) FOB respectively for late May-June shipment, falling by $40-60/mt depending on the product. Ex-Turkey longs offers still seem unworkable for the Bulgarian market. Moreover, Turkish merchant bar export prices vary at $690-700/mt (€634-644/mt) FOB versus $750-800/mt (€685-730/mt) FOB over the past month. It is worth mentioning that Turkish longs prices are currently unclear with the election in the country to be extended to a second round. The estimated freight rate from Turkey to Bulgaria is around €60/mt ($65/mt) by truck and $25-30/mt (€23-28/mt) for sea freight, SteelOrbis has heard.

Local prices for long products in Bulgaria, BGN/mt (€/mt) CPT

€1 = BGN 1.956