This week, as expected, Romanian long steel spot traders reduced their offer prices in response to fresh imports being cleared on October 1, while the sole rebar producer kept prices stable week on week to observe the market. However, market participants claim that, since China has increased prices significantly and influenced Turkish longs and scrap prices, Romanian longs prices may rise if the whole market can maintain high offer levels throughout the coming week.
“Prices in Romania fell this week in line with the new import arrivals cleared on October, which is a divergent trend from Turkey and China. However, if the global trend continues, prices may rebound in Romania in two to three weeks,” a trader told SteelOrbis
As a result, Romanian traders have decreased their rebar prices to about €550-570/mt ex-warehouse, from €570-590/mt ex-warehouse before. Meanwhile, the sole domestic rebar producer has kept its prices unchanged week on week at €565-575/mt ex-works.
In the wire rod segment, a decline has also been observed, with traders' prices currently at about €570-585/mt ex-warehouse, down from €580-595/mt ex-warehouse last week.
On the other hand, while no import deals have been reported yet, most exporters have increased offers, reflecting the rising market tendency. Ex-Bulgaria rebar offers have increased by €10/mt to €600-630/mt CPT, while Turkish rebar offers to Romania based on a €1 = $1.10 exchange rate and freight costs of €25-30/mt have increased by €5/mt to €565-590/mt CFR since last week. Greece, on the other hand, has quoted rebar prices at €610-615/mt CFR and wire rod prices at €620-625/mt CFR. Meanwhile, Egypt has chosen not to offer this week and to monitor the market until next week. Previously, it had been offering rebar and wire rod at €525-530/mt CFR and €540-545/mt CFR, respectively.