Lebanese longs market targeted by North African suppliers

Friday, 13 January 2023 16:04:34 (GMT+3)   |   Istanbul
       

Lebanon’s import longs market has lately become one of the target markets for North African suppliers amid the lack of demand in their regular sales destinations. The overall sentiment as regards the economy in Lebanon is still negative.

Currently, local retail rebar prices vary at $670-675/mt CPT for Turkish origin rebar, while a few traders are testing slightly higher levels. Ex-Iran rebar is available at $630-650/mt CPT, almost stable over the past two weeks.

A few 3,000-10,000 mt inquiries are on the table for late February-early March arrival. According to sources, Russian rebar has been available at $670/mt CIF Beirut. Ex-Libya rebar prices are available at $650/mt CIF Beirut, while one of the Algerian mills has been in the market with around $660/mt FOB (freight is $35-40/mt for medium-sized lots). However, some position cargoes from Algeria for closer shipment dates are said to be on offer at $650/mt CFR. "We now have an invasion of material from Libya and Algeria, since they are within the Arab Union and no customs are applicable for their material," a source told SteelOrbis. "The stock level is low because imports are also at a slow pace and demand is sluggish," another source added.

In the wire rod segment, traders' local prices vary at $730-740/mt CPT, including Russian origin material, SteelOrbis has heard.

All import offers are for late January-early February shipment. Domestic offers include 11 percent VAT.


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