Business activity in the British long steel market remains limited, partly as market players wait to see some clarification on the United Kingdom (UK) general election which is one month away and also on the Brexit issue which is expected to be resolved by January 31, 2020.
Domestic rebar prices in the UK are standing at GBP 395-400/mt ($509-515/mt) CPT, down by GBP 25/mt ($32/mt) over the past month, while domestic wire rod prices are at GBP 425-430/mt ($547-554/mt) CPT, decreasing by GBP 15/mt ($19/mt) over the same period. In addition, local merchant bar prices in the UK are ranging within GBP 430-435/mt ($554-560/mt) CPT, indicating a decrease by GBP 35/mt ($45/mt).
In the import segment, mills from Ukraine and Russia are not offering as they are moving towards filling their quota. SteelOrbis has learned that buyers in the UK may look positively towards possible import rebar offers at around $415-420/mt (€376-381/mt) FOB from European mills. Currently, ex-Turkey rebar offers are ranging at $415-425/mt FOB, which indicatively corresponds to $450-465/mt CFR UK. However, business activity is zero as Turkey has filled its rebar quota for the EU.
GBP 1 = $1.28
€1 = $1.10
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