Greek rebar producers have reduced their domestic offers by an average of €10/mt week on week to be able to compete with Italian rebar exporters who had gained a price advantage in the Greek market. As a result, domestic rebar prices in Greece have fallen to €535-540/mt ($658-664/mt) ex-warehouse. Additionally, market sources state that demand in the local Greek rebar market is currently at low levels. Despite the declines recorded in domestic rebar prices in Greece, buyers are concluding deals only in line with their needs and prefer to buy Italian rebar. As a result, it is believed that Greek producers may reduce their domestic rebar prices further in the coming period to stimulate their sales.
€1 = $1.23