Long product prices in the Israeli domestic market seem to have stabilized for now, based on the moderate levels of demand and medium-sized stocks. However, some report minor discounts are possible for good lots. Import offers for rebar and wire rod to Israel have inched down slightly for some origins under pressure from global factors and local currency exchange rate trends. The demand is mainly on the quiet side, following some deals closed with Russia and Turkey in the first half of May.
The latest import offers for rebar from Russia stood at $640/mt CFR for June-July shipments, down from $645/mt CFR in deals closed in the first ten days of May. Ex-Russia wire rod for the same shipment term has been on offer at $645-650/mt CFR, sources report.
Turkey-based mills have been offering rebar to Israel at $660-665/mt CFR for June-July shipments, while the previous deal was reported earlier at $665/mt CFR. The latest wire rod offers from Turkey have settled at $670-675/mt CFR, up from deals at $675/mt CFR for medium lots.
Ex-China wire rod prices have been reported at $615/mt CFR this week with no interest reported. “China’s main issue is the freight problem and having nice orders of BS standards to Singapore, etc.,” a trading source told SteelOrbis. Some players have reported bids for Chinese wire rod at $605-610/mt CFR for 25,000-30,000 mt cargoes.
In the local Israeli market, rebar and wire rod prices this week has been mainly stable due to regular volumes of sales. The mills’ rebar prices have been mainly reported at ILS 2,200-2,250/mt ($760-775/mt) ex-works for orders by big traders for a couple of thousand metric tons. In the meantime, due to somewhat softer market sentiment, based on the currency exchange range shifts over the past couple of weeks, some discounts of ILS 20-30/mt ($7-10/mt) are considered possible for serious buyers. The local prices for debar in coils have been reported at ILS 2,300/mt ($793/mt) ex-works. Local retail prices for rebar in Israel have been voiced at ILS 2,250-2,300/mt ($776-793/mt) ex-warehouse, with stocks currently estimated to be at medium levels. Israeli domestic wire rod prices have been reported mainly at ILS 2,280-2,350/mt ($786-810/mt) ex-works depending on the supplier.
All import prices are on CFR LO basis.
Local prices exclude 18 percent VAT.
$1 = ILS 2.90.
