Over the past month, Bulgarian domestic rebar prices have fallen by BGN 10-40/mt (€5-20/mt), while traders are willing to offer larger discounts in view of the depressed demand. In addition, a government has not yet been formed following the election in June, contributing to the lack of clarity regarding economic and financial conditions in Bulgaria.
"There is no overall summer holiday in Bulgaria. Most people will go on holiday sometime in July or August but companies have remained open, with a few exceptions. Demand for beams and merchant bars is somewhat lower compared to demand for other long products. Moreover, demand for reinforcing steel is moderate and stock levels are also high," one source commented.
Local prices for long products in Bulgaria, BGN/mt (€/mt) CPT
Product |
Price, CPT |
Monthly change |
||
BGN/mt |
€/mt |
BGN/mt |
€/mt |
|
1,150-1,170 |
588-598 |
-20/-30 |
-10/-15 |
|
1,180-1,210 |
603-619 |
-40 |
-20 |
|
Merchant bars |
1,360-1,440 |
695-736 |
-10 |
-5 |
1,570-1,640 |
803-838 |
-30/0 |
-15/0 |
|
Turkish rebar and wire rod export offers to Bulgaria for July shipment are available at $575-585/mt FOB and $585-590/mt FOB, remaining stable for rebar and down by average $7.5/mt for wire rod over the past month. The average estimated freight rate from Turkey to Bulgaria stands at around $20/mt (€19/mt). Currently, Turkish merchant bar offers are available at $650-660/mt (€602-611/mt) CFR Bulgaria, versus $650-673/mt (€600-620/mt) CFR last month.
€1 = BGN 1.956
$1 = €0.93