Local Bulgarian longs prices surge, reflecting global trends

Bulgaria’s domestic longs prices have increased dramatically over the past month. The main reason is the overall global uptrend in scrap, billet and longs prices, which has resulted from the restructuring of the markets. The war started by Russia against Ukraine has caused numerous readjustments in the global economy. In particular, some of the sanctions imposed against Russia involve the reduction of Europe’s dependency on its hydrocarbons, which will certainly impact energy prices in the region and will lead to increased production costs. In addition, the EU has revised its quota system in view of its ban on steel imports from Russia and Belarus.

Over the past month, local Bulgarian longs prices have risen by BGN 500-600/mt (€255-307/mt) depending on the product group. “It's hard to say anything about local prices. It's been very difficult to get any offers at all lately. Most suppliers here have stopped sales, especially for rebar, but they're also reluctant to offer beams and merchant bars,” a source told SteelOrbis. Demand is moderate nowadays and most buyers are monitoring the raw material segment price trend.

 Local prices for long products in Bulgaria, BGN/mt (€/mt) CPT

€1 = BGN 1.956