Greek rebar mills unwilling to alter export prices before gaining clearer perspective

Wednesday, 27 March 2019 16:53:41 (GMT+3)   |   Istanbul

Although Greek rebar producers’ export prices are way higher than other suppliers’ prices in the international markets, they are unwilling to change their pricing strategy before gaining a clearer perspective regarding the future movements of the global markets.

Since Monday, March 25, was a national holiday in Greece, producers started the current week yesterday, while they are still observed to be maintaining a wait-and-see stance. As Greek rebar producers still consider scrap prices at $320/mt CFR to be on the high side, and believe that sales in the rebar market are not sustainable at current scrap quotations, they are trying to keep their rebar export prices at €505-510/mt ($571-576/mt) FOB.

While this price range has little chance of gaining acceptance in the international markets, Greek rebar mills are trying to preserve their profit margins, and thus are unwilling to reduce their rebar export quotation before seeing a fall in scrap prices at first. Accordingly, they prefer to wait and see for now.

€1 = $1.13

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