The local Bulgarian longs market has been very sluggish over the past week, with stocks above medium levels and deals concluded by domestic buyers according to their daily requirements. Moreover, the political issues in the country are still impacting the pace of construction projects, preventing the generation of additional demand. Prices have remained relatively stable over the past month, but many expect Bulgarian suppliers to seek a price increase next week, given the recent adjustment of the EU safeguard mechanism, which is closing certain loopholes for rebar imports.
The latest local rebar prices from traders and producers in Bulgaria have been reported at €620-630/mt CPT, which is in line with last month’s levels. However, some of the traders have been selling at as low as €610/mt CPT, sources reported. "Demand is subdued. Stock inventories are high in the local market,” a trader told SteelOrbis. In the meantime, wire rod prices are at around €640-650/mt CPT, while merchant bar and beam prices have settled at around €680-700/mt CPT and €750-780/mt CPT, respectively, depending on the size and tonnage.
Import offers from Turkey are heard in the market, but the ongoing issue with quotas, as well as rising freight rates and overall production costs seem to be making it difficult for Turkish mills to sell. The latest FOB price levels for ex-Turkey rebar stand at $595-605/mt FOB, i.e., around $620-630/mt CFR Bulgaria. On the wire rod side, the estimated offer level from Turkey is at around $630-645/mt CFR.
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