Given the persistent local liquidity issues and the lack of any significant changes in the market outlook, Romanian long steel traders and the sole domestic rebar producer have decided to leave their offers relatively unchanged from the previous week. However, due to diminishing demand levels, lower levels have begun to be heard in the market, particularly from the larger traders, in order to improve business activity. Since local demand is declining, Romanian traders with abundant stocks are not as active in imports, resulting in a quiet import market over the past week.
As a result, the sole producer's rebar prices are stable week on week at €580-590/mt ex-works, with Romanian rebar traders’ prices also stable week on week, at around €590-605/mt ex-warehouse.
However, as previously said, a few traders are offering lower prices to stimulate business and attract interest from purchasers, at roughly €580/mt ex-warehouse.
On the other hand, despite the current negative outlook, the wire rod segment has also moved sideways, with traders’ offers still at around €570-585/mt ex-warehouse.
Meanwhile, in the import market, the inactivity seen in the previous week has persisted, with no purchases recorded but with offers continuing to be received. According to reports, the Bulgarian supplier's rebar offers have decreased by €5/mt to €615-625/mt CPT from last week. However, the Egypt supplier has withdrawn its offers and will begin offering for the second quarter by the end of the month. Its previous offers for rebar and wire rod were at €565-570/mt CFR and €575-580/mt CFR, respectively. Turkish rebar offers, on the other hand, have fallen since last week. Based on mills’ prices of $565-575/mt FOB, freight expenses of $25-30/mt, and the current currency rate of €1 = $1.04, Turkish pricing to Romania should be at about €565-580/mt CFR, down from €575-585/mt CFR last week.