Having started to move sideways on February 7, rebar export prices from Greece to the international markets have once again remained stable week on week at €495-500/mt ($609-615/mt) FOB.
Demand for Greek rebar in Algeria - one of Greek rebar exporters’ main markets - has been at low levels for some time now. Market sources believe that the weakness of demand has been due to the high inventory levels of Algerian rebar producers, which are able to offer more attractive prices to their domestic market as compared to import rebar offers. As a result, Algerian buyers prefer to purchase domestic rebar instead of imports.
In southern Cyprus, another important market for Greek rebar exporters, there is demand for Italian rebar instead of Greek rebar due to the more attractive price levels involved. As a result, demand for Greek rebar in southern Cyprus is still at low levels.
€1 = $1.23