Rebar demand in Lebanon has been subdued due to the continuing lockdown and the worsening of the financial crisis in the country, which prevent buyers and sellers from actively engaging in business. Sources report that the 11 percent VAT rate and the difference between official and actual market currency exchange rates are huge factors which make trade challenging. “The actual rate is $1 = LBP 9,000, while the official one is $1 = LBP 1,500 and VAT at 11 percent causes $70/mt to be added instead of $12/mt,” a source mentioned.
Rebar stocks in Lebanon are at low-to-medium levels and sales are limited. Retail prices stand at $620-630/mt delivered to customer without VAT, while special discounts may be applied for serious buyers. In the import segment, fresh offers from Turkey are at $630/mt CFR Tripoli to be shipped at the end of March, up by around $10/mt since earlier this week, SteelOrbis understands.