SteelOrbis has learned from market sources that rebar prices in the Lebanese domestic market, where demand is weak, are standing at $655/mt ex-mill. Ex-Turkey rebar offers to Lebanon have increased by $15/mt in the past three weeks and are now in the range of $595-605/mt FOB. Market players state that demand for Turkish rebar in Lebanon has remained at medium levels, while after Ramadan there could be new rebar transactions from Turkey depending on the situation in the market.
Market sources also report the conclusion lately of a transaction for a 20,000 mt cargo of wire rod and rebar from China to Lebanon, with the cargo expected to arrive in Lebanon in September. Moreover, stocks of Lebanese traders are currently empty due to the delay in the arrival of a rebar cargo from China, which had been transacted at $545/mt CFR. After rebar inventories are replenished in the Lebanese domestic market, it is thought that domestic rebar prices may soften in the coming period as demand may weaken in the market.