The Bulgarian longs market has reversed last week's upward adjustment, as deteriorating sales conditions have taken precedence over quota-related concerns and anticipated CBAM costs. Demand has continued to contract gradually, while persistent liquidity constraints and expectations of a further reduction in activity during August have weakened sellers' ability to defend higher quotations. The previous increase was largely based on expectations of rising import and compliance costs rather than an improvement in underlying consumption. With buyers showing little readiness to accept the revised levels, prices have been realigned with current market conditions.
Rebar quotations have decreased to around €630-640/mt CPT this week, compared to €640-650/mt CPT in the previous week. Similarly, wire rod prices have fallen to approximately €670-680/mt CPT, down from €680-700/mt CPT last week. Trading volumes remain limited, as existing inventories, restricted liquidity and the continued deterioration in end-user demand are reducing the need for additional purchases.
No fresh import bookings have been reported this week, with the weakness of the local market and the seasonal decline in consumption limiting interest in new cargoes. Turkish rebar export quotations have remained stable at around $565-575/mt FOB, corresponding to approximately €515-525/mt CFR Bulgaria. Market participants note that competitively priced Turkish material may add to the downward pressure on European market prices in the coming period. Meanwhile, Egyptian rebar offers have declined to around €525-540/mt CFR, compared to approximately €535-550/mt CFR last week, while wire rod indications have decreased to around €530-550/mt CFR, from €545-560/mt CFR in the previous week.
