Offer prices for exports of steel rebar and wire rod from the CIS region trended upward in the second half of July, with mills citing increased scrap costs and long steel prices in Turkey, but trading activity was limited amid thin demand in the majority of markets.
***Rebar from CIS
Rebar offers from the CIS region were heard at $430 per tonne fob Black Sea in the week ended Friday July 24, against $410 per tonne fob in early July.
But this price was considered too high by market participants, whose estimates of the workable price did not exceed $415 per tonne fob.
“The markets are very limited these days for CIS material, apart from the EU, but even there the [volume remaining of the import] quota is going down fast,” one trader said.
“The market in Lebanon is bad so I am not sure whether anyone is interested in buying rebar, unless the price is extremely low,” a Lebanese trading source said.
“The situation in Iraq is very bad. The market is completely dead and there are lockdowns in place,” a local source said.
“The [Persian] Gulf market is bad for long steel imports and there is enough local production to serve current needs,” a trader added.
Although trading activity in the export markets left much to be desired, Russian mills at least enjoyed strong domestic demand.
***Price assessment rebar
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia, was 35,000 roubles ($488) per tonne on July 27, including 20% VAT, from 34,000-35,000 roubles per tonne a week earlier.
Demand for rebar has improved significantly so far in July, driven by the strong construction sector, and this has allowed domestic mills to increase rebar shipments to the domestic market, sources said.
Fastmarkets assessed the price of steel reinforcing bar (rebar), export, fob Black Sea, CIS, at $415-430 per tonne on Monday, against $420-430 per tonne fob last week.
Wire rod offers from Russia were heard within the range of $445-450 per tonne fob last week, up from $430-440 per tonne fob in early July, while estimates of the workable price were in the range of $440-445 per tonne fob Black Sea.
No offers of Belarus-origin material were heard at the time of publication.
Fastmarkets’ price assessment for steel wire rod (mesh quality), export, fob Black Sea, CIS, was $440-$445 per tonne fob Black Sea on July 27, unchanged week on week.
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