The resistance seen in the Bulgarian long position market earlier in August has finally begun to be overcome, and this week the internal quotes have declined as the prolonged lack of demand leaves sellers with fewer opportunities to defend previous levels. The seasonal slowdown, ongoing liquidity problems and sufficient inventories continue to limit purchases, while discounts that were previously provided mainly during negotiations are now more clearly reflected in official quotes. With sales volume still limited, sellers have begun to adjust prices in an effort to encourage purchases ahead of September. Quotes ,
,Rebar, respectively, decreased to about 620-630 euros per tonne of CPT compared to 630-640 euros per tonne of CPT last week. However, for serious buyers and with larger order volumes, levels close to 610 euros per ton are considered achievable. The wire rod market has been developing in the same direction, and offers have decreased to about 660-670 euros per ton from 670-680 euros per ton previously, while a price of about 650 euros per ton may be reached during negotiations.
Import demand remains very limited, as local consumption is low, stocks are plentiful, and many buyers are still on vacation. Nevertheless, after the recent price increase in Turkey, there is some interest in buying in other Balkan countries, especially Romania, and similar activity may appear in Bulgaria in the coming days. Turkish rebar supplies increased to about $575-590 per tonne FOB compared to $570-580 per tonne FOB last week. Considering that the cost of transportation to Bulgaria is estimated at about $25 per ton, this corresponds to about 520-535 euros per ton in Bulgaria compared to about 515-525 euros per ton in Bulgaria earlier. Egyptian rebar, meanwhile, is offered at a price of about 580-590 dollars per ton on FOB terms, which leads to an estimated level of about 530-540 euros per ton in Bulgaria with a freight of about 30 dollars per ton, compared with about 530-535 euros per ton last week. The supply of Egyptian wire rod increased from 590-600 dollars per ton on FOB terms to 600-610 dollars per ton on FOB terms, resulting in corresponding shipments of approximately 545-555 euros per ton CFR in Bulgaria, compared with approximately 540-550 euros per ton CFR previously. There have been no notable offers from Europe this week as the holiday period continues in the region, while fresh prices are expected to return from early September.
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, ,, Author:, Editorial staff of SteelOrbis,
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