Lebanese steel product buyers are continuing their efforts to maintain their business operations despite the long-standing economic and financial crisis in the country and severe currency fluctuations. Lately, Iranian and Turkish origin rebars are preferred by buyers due to freight advantages and short lead terms.
Ex-Turkey rebar offers are heard at around $630-635/mt FOB equal to $650-655/mt CIF Beirut this week, while a few Turkish traders are offering Iranian rebar at around $620/mt FOB or $640-650/mt CIF Beirut. Some Turkish producers are also testing $635-645/mt FOB to Lebanon to be on the safe amid higher production costs, SteelOrbis has heard. Currently, local retail rebar prices are available at $680-700/mt CPT, unchanged over the past month. "Demand is moderate. We are working at half stock nowadays," one source mentioned.
In the wire rod segment, traders’ local prices are at around $720/mt CPT, versus $720-730/mt a month ago. According to sources, a few Turkish mills are testing 660-670/mt CIF Beirut this week.
All import offers are for December shipment. The domestic offers include 11 percent VAT.