CIS rebar exporters have been struggling to secure sales for May rolling due to weak demand from consumers, market participants said.
Sales have remained slow this week, prompting CIS exporters to hold export prices steady to encourage movement.
Small parcels of rebar have been sold this week at $645-660 per tonne fob Black Sea for May rolling and shipment, compared with $645-655 last week.
“CIS rebar has been sold this week to West Africa and the Middle East. I haven’t heard of any sales to North Africa,” a trader said.
“Ferrous scrap prices are stable so there is not much propensity for prices to dip. Mills cannot lower prices as they’d be selling below costs. Prices are hovering at the same level,” he added.
Demand for CIS rebar remains weak and market participants are not expecting an improvement in demand this week, Metal Bulletin was told.
“I’ve been out of the market for a few days and I’m not expecting a pick-up in demand this week. Demand for CIS rebar has been weak for several weeks,” a second trader said.
“My customers are enquiring about prices, but they’re not buying anything,” he added.