Lebanese longs market resale is slow and weak and stock level is low. Most rebar importers are still facing difficulties as Lebanon's ongoing political and economic crisis persists. In fact, the trade is affected by the soaring inflation, a failing banking system and the related currency issues.
Offers from Saudi Arabia have been reported at $625-630/mt delivered to Beirut, sources informed about a small deal at $615-620/mt delivered. In addition, the latest ex-Egypt rebar and wire rod offers have been set at $575/mt FOB which is around $590-600/mt CFR Beirut. Algeria is at $585/mt FOB for rebar and $595-597/mt FOB for wire rod while the freight is estimated at around $40/mt for medium-sized batches.
In addition, the Italian longs offers are evaluated at around $640-650/mt CFR, marking the highest available level in Lebanon.
Most ex-Turkey rebar offers varied at $625-630/mt FOB for rebar versus $640/mt a month ago, for July shipment, which is very high under the current market conditions and with around $10-15/mt estimated freight.