Despite notably low demand and the mood in the market due to the approaching Christmas holiday, Romanian rebar spot traders who are encouraged by Turkish scrap increases, have chosen to raise their offers from the previous week while in the wire rod segment, silence has been preserved. Although some increases have been seen in the rebar segment, given the slow activity and the fact that higher levels are hard to work in the present market condition, some of the Romanian rebar traders have persisted in holding past lower levels.
As a consequence, although the sole rebar producer maintained offers the same from the previous week at €580-590/mt ex-works, traders upped rebar offers by €5-10/mt to €585-605/mt ex-warehouse week on week.
In contrast, since business activities remain very slow compared to the rebar segment as well as showing no signs of recovery, Romanian wire rod traders have quoted the same offers as last week, at €580-590/mt ex-warehouse.
Meanwhile, in the import segment, silence has continued since all of Europe enters the Christmas break, and importing activity is likely to resume in January. Currently, Greece's rebar and wire rod offers remain at around €620-625/mt CFR and €610-615/mt CFR to Romania, respectively. Similarly, Bulgaria's offers are stable at around €600-620/mt CPT, while Moldova is currently not offering to Romania due to gas issues. Furthermore, Egypt returned to the market and began offering, with current offers to Romania for rebar and wire rod at €575-580/mt CFR and €585-590/mt CFR, respectively. Turkey, on the other hand, has quoted mills' rebar export offers at $570-575/mt FOB, and, with the current currency rate at €1 = $1.04, has increased delivered prices to Romania by €5/mt to €570-580/mt CFR.
