During the past week, international demand for Greek rebar has failed to revive and is still at low levels. Additionally, demand in Greek rebar exporters’ main target markets such as Algeria and southern Cyprus has not improved over the past week. Although the exemption given to European Union (EU) countries from the US Section 232 tariffs imposed on import steel has been extended until June 1, SteelOrbis has been informed that Greek exporters are not concluding rebar sales to the US, but instead are planning to maintain a wait-and-see stance until the market situation becomes clearer.
Due to these circumstances, Greek exporters have kept their rebar offers stable week on week at €480-490/mt ($571-583/mt) FOB.
On the other hand, the EU-Balkan countries summit will take place in Sofia, Bulgaria, on May 17. Topics such as security, geopolitical developments and migration will be discussed at the summit as well as problems regarding trade. Market sources state that this summit is of particular interest to exporters in the EU region and European market players are waiting to see what will be decided at the event.
€1 = $1.19