Lebanese importers are attempting to maintain their business activities while still being in a rather tough economic situation. The currency continues to depreciate, unemployment has been rising, while inflation is skyrocketing. Most European producers are not quoting any steel products ahead of the holiday season, while Iran and Turkey remain the main sources of long product imports.
Currently, ex-Turkey rebar offers are standing at $645/mt FOB or around $665/mt CIF Beirut. According to sources, local retail rebar prices are ranging at $640-650/mt CPT for Iran origin material, while ex-Turkey rebar is available at $670-675/mt CPT, down $10-25/mt over the past month. "I do not think Turkish rebar offers are workable these days when Iranian rebar prices are taken into account" one source mentioned. Ex-Belarus rebar offers are standing at $650/mt CIF Beirut.
In the wire rod segment, traders' local prices are at around $690/mt CPT, versus $720/mt CPT last month.
All import offers are for January shipment. Domestic offers include 11 percent VAT.