The steel trade in Lebanon remains under strong pressure from economic and financial issues, now coupled with the political crisis which has emerged. Longs buyers are pushing for discounts in order to maintain their daily business activities with at least some margin. Currently, the most aggressive offers are coming from Iran, Russia and Algeria, while the prices from the Turkish mills are quite high.
Ex-Turkey rebar offers are heard at $670/mt FOB, equal to $690/mt CIF Beirut, while rebar bid prices are at $650/mt CIF. In the meantime, suppliers from Algeria and Russia are offering rebar to Lebanon at $650/mt CFR, SteelOrbis has learned. The lowest pricing is coming from Iran at $620/mt CFR, but no deals have been confirmed by the time of publication. Currently, local retail rebar prices are standing at $680-700/mt CPT, falling by $10/mt on the higher end over the past month. “The long steel market is very weak here and extremely slow,” a source mentioned.
In the wire rod segment, local prices are at $720-730/mt CPT. According to sources, ex-Turkey wire rod offers are standing at $680/mt CIF Beirut, while ex-Russia wire rod is available at $660/mt CIF Beirut.
Import prices are for November and December shipments.
The domestic offers include 11 percent VAT.