It is observed that Greek rebar buyers completely returned from the Easter holiday last week and have preferred to purchase Italian rebar instead of domestically produced rebar since then due to more attractive prices. Italian rebar offers to Greece are currently at €480-490/mt ($595-608/mt) CFR.
After losing the price advantage and also due to the weakness of demand, Greek rebar producers have significantly cut their domestic rebar quotations to be able to compete with alternate sources. During the past week, Greek rebar producers have reduced their local offers by €35/mt on the lower end and by €30/mt on the upper end to €490-500/mt ($608-620/mt) ex-warehouse.
Market sources state that the downward movement of domestic scrap prices in Greece has reduced Greek rebar producers’ costs, giving them an opportunity to cut their domestic rebar prices.
€1 = $1.24