In this week's Bulgarian domestic rebar market, prices have decreased by BGN 20/mt ($14/mt) as compared to last week and are standing at BGN 1,010/mt ($682/mt) CPT on actual weight basis, exclusive of 20 percent VAT. While Bulgarian producers have cut their prices in order to bring in cash, it is reportedly quite difficult to find buyers in the market.
On the other hand, sale activities and shipments, which slowed down last week, have almost stopped this week, due to the cold weather and snow. In addition, the uncertainty surrounding the European economy has also been affecting the Bulgarian long steel market; hence, local buyers are cautious as regards concluding purchases in the market.
Finding Turkish rebar offers to be on the high side, Bulgarian buyers are leaning more towards lower-priced CIS offers. However, as already mentioned before, as shipment activity has been affected negatively by the cold weather, Bulgarian buyers have not concluded any transactions yet.
$1 = BGN 1.48