Having offered the highest rebar export prices in the international markets for a long time, Greek rebar producers have reduced their rebar export offers in line with the falling trend which has started to be observed in scrap quotations. Greek rebar mills state that no recovery in demand has been observed yet after they reduced their export prices to €490-495/mt ($549-554/mt) FOB, while the mills expect to see a further decrease in scrap quotations. On the other hand, Greek rebar export prices in the international markets have decreased less on dollar basis since the euro has depreciated to the level of 1.11 to the dollar, with a fluctuation in the exchange rate observed in the past few days.
Greek rebar producers state that they are finding it difficult to gain a clear view of sentiment in the market amid the rapid rises seen in iron ore prices, the downward pressure exerted on scrap quotations and the fluctuating euro-dollar exchange rate, while they indicate that no significant revival in finished steel sales is anticipated.
€1 = $1.12