Bulgarian sellers have managed to raise their longs quotations over the past week, but the increase has landed in a market where sales are still slow and cash flow remains tight. The higher price trend has encouraged some medium and larger buyers to step in for limited tonnages, mainly to avoid paying more later if the upward movement continues. However, this buying is not seen as a sign of a real demand recovery. Sources say the market is still fragile, as buyers are questioning how much of the new price level can be absorbed while local consumption remains weak. At the same time, competitive offers from both EU and non-EU suppliers are preventing the domestic market from gaining stronger confidence.
In the domestic market, rebar prices in Bulgaria have increased to around €640-650/mt CPT, compared to €625-635/mt CPT last week. Wire rod prices have also moved up, to around €680-700/mt CPT, compared to €670-690/mt CPT in the previous week. According to sources, medium and larger buyers were more active this week than smaller buyers, but purchases were still mostly need-based. Liquidity problems continue to limit trade, while sufficient stocks are also keeping many buyers away from fresh bookings.
In the import segment, no fresh bookings have been reported this week, as local demand remains slow and buyers are still mostly covered. Market players say aggressive suppliers may put pressure on Bulgaria in the coming months if they continue offering at low levels, especially while domestic sales remain weak. Turkish rebar export offers have decreased to around $565-575/mt FOB, compared to $570-580/mt FOB last week, bringing the corresponding CFR Bulgaria level down to approximately €515-525/mt. In addition, a Turkish rebar-in-coil offer has been heard at around $625/mt CFR at Burgas port for September shipment, according to sources. As for Egyptian material, rebar offers are currently heard at around $580-590/mt FOB, compared to $580-600/mt FOB last week, with CFR Bulgaria levels estimated at around €535-550/mt. Egyptian wire rod offers are at around $590-600/mt FOB, compared to $600-620/mt FOB last week, corresponding to approximately €545-560/mt CFR Bulgaria.
For EU origin material, Italian rebar offers have been heard at around €670/mt delivered Bulgaria this week, according to sources. However, lower offers from Italy are expected in the coming days, as Italian suppliers are reported to have high stocks and a more aggressive sales approach. Sources say this may become a pressure point for Bulgarian domestic prices if buyers continue to resist higher levels.
