The Greek domestic rebar market is still characterized by sluggishness amid continuing economic instability and adverse weather conditions, as SteelOrbis had also reported early this week.
In the meantime, Greek political leaders today struck a deal on a package of new austerity measures, clearing the way for negotiations with the European Union and the IMF to reduce the nation's debt and for a new loan package. The increased anxiety in the country in line with these developments has found expression in a two-day strike by Greek unions.
Local rebar prices in Greece are currently standing at €550-600/mt ($726-792/mt) on actual weight basis, for deliveries to customer and 15-day deferred or advance payments, exclusive of VAT, while prices are higher for 70 to 80-day deferred payments. The price range may vary depending on the customer and transaction volume, it is reported that discounts are available for larger tonnage bookings. However, transactions are scarce and in small volumes.
This week, Greek rebar offers to Algeria have been at €510-515/mt (673-680$/mt) FOB, though no transaction has been concluded at this price range amid low demand from Algeria. Besides, no rebar import offer has been heard for Greece and Greek buyers are not planning to book material for the time being, SteelOrbis has learned.
€1 = $1.32