The increases observed in Turkey's domestic rebar prices in the 44th week of 2008 (i.e. two weeks ago) were not reflected in the overall Europe market during that week. However, at the beginning of last week (45th week), the rising movement in the local Turkish rebar market was reflected in Turkey's rebar export offers. Consequently, starting with Ukraine, rising price trends have this week been observed in local market offers in Spain, Italy and Portugal.
While rebar prices in Spain have this week been at levels of €420-430/mt delivered to customer, it is observed that this country's export rebar offers to Algeria have increased by €25-30/mt compared to last week. On the other hand, Italian rebar offers to Greece have this week reached €420/mt FOB Italy. However, no deals from Italy to Greece at the price level in question have been heard.
This week Turkish producers have pushed for price levels of $600-610/mt FOB in their offers to Romania. However, no deals in this price range have been heard, as the local price levels in Romania are lower than the range in question. On the other hand, it is heard that rebar deals have been concluded this week from Turkey to Romania at levels of $520-540/mt CFR Romania.
No change has this week been observed in the Bulgarian rebar market. The local producers' offers this week at $500/mt are unchanged from last week's levels. Due to the price stability of the local Bulgarian market, rebar offers from Turkey have not been able to attract the interest of traders in the Bulgarian market.
Looking at the Portuguese rebar market, it has this week been observed that price levels have increased by €30/mt week on week due to the price uptrend in Spain. In general, overall rebar price levels in Europe has been moving in an upward direction due to the increases in the Turkish producers' rebar export offers.
€1 = US$1.27315/mt