Moroccan rebar buyers focus on imports

High domestic rebar prices in Morocco have caused local buyers to shift their attention towards imports.
 
Since domestic rebar prices in Morocco are currently standing as high as $765/mt ex-works, exclusive of 20 percent VAT, Morocco has started to import rebar from Europe, despite the strict import regime of the country.
 
Prolonged customs operations and warehouse costs are some factors which complicate exports to the Moroccan market.  However, high domestic prices coupled with more competitive European rebar offers due to the weaker euro have caused increased interest in European offers among Moroccan buyers.
 
Currently, mainstream rebar offers of European producers to Morocco are standing at $505-515/mt ($646-659/mt) FOB. Besides, SteelOrbis has learned that a recent rebar cargo from Europe to Morocco have been transacted at €500/mt ($640/mt) FOB.
 
€ 1= $1.28