Given the lack of demand and the softening longs prices observed in the spot market during the past week, the sole Romanian rebar producer has decided to follow the same trend and has decreased its offers. In the meantime, although trading has been slow thanks to the movement of the scrap market, Romanian traders have chosen to keep offers stable. However, based on remarks made by market participants, consumers are hoping for further price cuts.
“Although demand is very slow, clients continue to negotiate and press for greater reductions,” a large trader told SteelOrbis.
The Romanian rebar producer has decreased its price to €600-605/mt ex-works down from €630/mt ex-works last week. In contrast, most traders have cited stable offers week on week at €600-620/mt ex-warehouse.
Meanwhile, since there have not been any significant changes in the wire rod market, prices have stayed the same. According to reports, current feasible offers in the Romanian wire rod market stand at €600-615/mt ex-warehouse.
In addition, despite the lack of enthusiasm among Romanian traders to make any purchases, offers have kept coming in on the import side. This week's offers from Moldova and Bulgaria have remained unchanged at €620-630/mt CPT, while Greece has offered both rebar and wire rod at €615/mt CFR. Similarly, offers for rebar and wire rod from Egypt are stable week on week at €575/mt CFR and €585/mt CFR, respectively. In the meantime, rebar offers from Turkey have risen by €5/mt to €570-595/mt CFR Romania, based on a €1 = $1.07 exchange rate and €25-30/mt freight costs.