Although demand has slowed owing to cashflow issues and fewer projects during the winter season, Romanian long steel spot traders have decided to increase offers from last week. According to market players, the cause for the increases has mostly been the strengthening of the currency. Meanwhile, the sole Romanian rebar producer’s offers are stable, but market rumors indicate that they are experiencing some quality and stock issues for the materials that are in demand. Furthermore, despite Romanian traders' lack of interest in importing due to limited local demand, an import deal from Egypt to Romania has been disclosed this week.
According to reports, Romania recently bought a total of around 30,000 mt of rebar at $560-570/mt FOB from Egypt, estimated at around €565-580/mt CFR. However, Egypt suppliers currently have stopped offering since they are completely booked out for December.
Turkey, on the other hand, has the closest prices to these rates, with mill prices at $575-580/mt FOB, and the current currency exchange rate of €1 = $1.05 and freight costs of $25-30/mt, resulting in Turkish price levels to Romania at around €570-580/mt CFR, down from €575-590/mt CFR last week. In contrast, the Bulgarian supplier has submitted offers at €610-620/mt CPT, compared to €605-625/mt CPT last week.
In the meantime, local Romanian rebar spot prices have increased to €580-595/mt ex-warehouse, from €575-580/mt ex-warehouse a week earlier. On the other hand, the sole domestic mill's rebar price remains stable at around €580-590/mt ex-works.
Similar increases have been observed in the wire rod segment, with retail prices rising by €5-10/mt week on week to €580-590/mt ex-warehouse.
