Lebanon, which has traditionally been one of the regular export destinations for Turkish rebar, is still suffering from its economic crisis, severe fuel shortages and power cuts. As a result, the level of project activity and, therefore, steel consumption, has been diminished for some time now. Rebar stocks in the country are at low-to-medium levels. Most Lebanese traders are refraining from new purchases amid uncertain sales prospects in the local Lebanese market and shaky rebar prices globally. “Matters have deteriorated in Lebanon and all stocks are rising due to much slower sales and payments,” one source mentioned.
Currently, retail rebar prices in Lebanon have settled at $730-740/mt CPT including VAT. Ex-Turkey rebar offers were standing at $670-675/mt FOB Iskenderun port for October shipment, with freight from Turkey to Beirut estimated at around $16-18/mt, SteelOrbis understands. “Ex-Turkish rebar export prices are not workable for now,” one source mentioned.
Sources report that a ready cargo of 5,000 mt of wire rod has been traded to Lebanon from Algeria at around $800/mt CFR Beirut port. However, some people say it is an old deal and that the shipment was just recently organized. Domestic ex-stock wire rod prices in Lebanon are at around $840/mt including VAT.