Some rebar import deals have been reported in Lebanon this week due to the need to restock, with buyers’ preference given to Turkish material. A 4,000-5,000 mt lot of Turkish rebar was booked at around $420/mt CFR Lebanon or $405-410/mt FOB Iskenderun. Ex-CIS rebar was on offer at $425-430/mt CFR Beirut. In the meantime, Iranian origin rebar remains present in the market, with around 2,500-3,000 mt recently arriving in Tripoli and Beirut, causing some disturbance in the market due to its low price.
Market players say that currently rebar stocks are at optimal levels in Lebanon; however, some companies may choose to close deals shortly. By the end of the week, higher offers of up to $420/mt FOB have been reported from Turkey amid increasing import scrap prices.
While in the short run some higher activity is possible in Lebanon, in the long term activity in the Lebanese market is unlikely to improve significantly amid economic issues in the country. The country’s debt is close to $86 billion. In addition, the currency situation remains problematic: in October the Lebanese pound has reached the unofficial exchange rate of 1,650 against the US dollar.