Having offered rebar at €480/mt FOB to their export markets last week, Greek rebar producers have this week reduced their export offers to €475/mt ($532/mt) FOB amid weak demand and falling scrap quotations.
The international demand received by Greek rebar mills is currently at the lowest point of recent times as the result of falling scrap quotations and also as buyers have been keeping their purchases to a minimum since they are unsure of the result of the new US and Chinese tariffs and the impact of this rise in duties on the Chinese steel market. With weak demand being the main problem facing Greek rebar exporters, the reduction in Greek rebar export prices in insufficient to attract buyers, and so Greek mills have indicated that they are thinking of making further cuts to their production rates as a last resort.
€1 = $1.12