Iraqi rebar market sees moderate end-users' demand. Under current conditions local trading companies are ready to purchase import material, as they have moderate stocks, but high prices slow down purchases. Besides, first signs of downward trend have appeared in the market. Nevertheless, stockists' and mills' domestic prices have still grown in two weeks in view of an upturn in import quotations early this month.
In particular, though quotations of rebar from ArcelorMittal Kryvyi Rih are currently at $815-825/t CPT Baghdad (minus $5-10/t since early June), they were by $35/t higher last week. Nevertheless, Iraqi traders refuse to accept these levels, because their prices are by $10/t lower. So, they insist that the quotations are reduced by $5-15/t at least. They will probably knock prices down, considering weakening demand from other destinations. Prices for Turkish material have also started falling ($10/t down w-o-w), although its quotations to Iraq have not changed in two weeks. Nevertheless, since early May Turkish rebar has been quoted on the same level with Ukrainian material or even higher, so traders have been ignoring it in the past month. Thus, stockists have hardly any Turkish material to offer.
Local producer Erbil Steel has lifted its rebar prices by $20/t in two weeks, seeing high prices for import material. Besides, it has some support from domestic customers. However, the manufacturer will have to cut quotations soon, because offers of import material are likely to keep going down
( Source: www.metalexpert-group.com )