Business activity has been slow in the Lebanese market amid the ongoing political and currency problems in the country. In addition, the prices in the region, from Turkey specifically, have been increasing, making negotiations difficult.
Sources report that some Lebanese buyers were in the market for mixed rebar and wire rod orders of 3,000-5,000 mt. Around 4,000-5,000 mt of rebar were reportedly booked at $425/mt CFR via trader for end of November shipment. In the meantime, some buyers say they are “not asking for offers because no one can buy material today.”
Current offers for Turkish rebar are mostly set at $420-425/mt FOB and such levels are far from being accepted in Lebanon, SteelOrbis understands. The lack of US dollar availability remains a big issue in the country as the banks are trying to limit the outflow from the country and so import trading activity is slow, sources report. In addition, the market value of the local currency is around 25 percent higher than the official bank rates, players say.