Greek rebar producers have kept their export offers stable for the second consecutive week at €490/mt ($549/mt) FOB.
Greek rebar producers have reported ongoing unsatisfactory demand in their export markets, adding that demand will slow down further due to the approaching Orthodox Easter holiday which is due to start on April 28 and that market players will return to the market after May 2. They also mention that the current trend of global scrap quotations is causing confusion amongst Greek mills.
Greek steelmakers state that they are unable to make sense of the increases recorded in import scrap quotations in Turkey last week as they believe scrap prices should not trend above $300/mt CFR. However, it is hard to find scrap cargoes below this price level today, Greek rebar mills report, and so they prefer to wait and see for now. Accordingly, Greek rebar producers believe price levels lower than €490/mt ($549/mt) FOB for rebar exports are not possible under the current circumstances, and so they have kept their rebar quotations stable week on week.
€1 = $1.12