Last month, domestic prices in Bulgaria had been gradually declining, bringing the market to more balanced price levels, after the country had entered the new year with high prices after the switch of the currency to the euro and amid relatively high stocks. As a result, the generally seasonally slow demand and the easing of currency-related speculation led to a gradual fall of €10-25/mt gradual.
However, with the outbreak of war in the Middle East and related concerns and somewhat pessimistic expectations in the European market, some Bulgarian suppliers have started to raise their offers. In particular, according to sources, Promet has increased its rebar prices this week by €15-20/mt to €620-630/mt CPT. Many local suppliers, including traders, have followed suit, while the trend may gain strength in the near future. Some traders have added €5-10/mt to €615/mt CPT over the past week, sources told SteelOrbis. “[It is] not clear yet if buyers will largely accept [higher prices] but let’s say the market is a bit livelier today,” a trading source said.
In the import rebar segment, according to local market players, some purchases have already been concluded for the second quarter quota, but some quota is still reported to be available for the first quarter. Ex-Turkey rebar is on offer at $545-555/mt FOB for March-April shipments, up $5/mt over the past week, or at around $565-580/mt CFR Bulgaria, with estimated freight of $20-25/mt. Egyptian mills have increased their rebar prices for April-May shipments by $5-10/mt over the past week to $550-555/mt FOB, which is around $575-585/mt CFR with the increased freight rate of $25-27/mt. Rebar offers from Italy are as usual on the high side - at €635-640/mt CPT, while it is reported that these levels are not attracting any demand.