Demand for both domestic and foreign products has improved somewhat in the Iraqi rebar market. Traders have now decided to mostly keep their stocks at the medium level since there has been still some demand from end users, though not very high. As a result, domestic producer Erbil Steel has even tried to raise at least its list prices in view of increased Turkish rebar quotes, while prices for the Ukrainian material have dropped.
In the beginning of the week, official domestic prices for 12 mm to 25 mm rebar from Erbil Steel were about USD 650 per tonne EXW but now they are standing at USD 670 per tonne EXW by USD 20 per tonne to USD 30 per tonne higher than in the middle of the month. However, market operators report that in the beginning of the week Erbil Steel’s material could be bought at as low as USD 620 per tonne EXW and that from GK Steel USD 625 per tonne EXW.
Prices for import rebar from Turkey have climbed in 2 weeks by USD 15 per tonne to USD 675 per tonne to USD 685 per tonne CPT Baghdad amid growing square billet costs. Ukrainian material from ArcelorMittal Kriviy Rih is now available at USD 665 per tonne to USD 675 per tonne CPT Baghdad which is by USD 5 per tonne lower than in the middle of the month. Rebar of the supplier ex traders’ stock in Baghdad is quoted at USD 680 per tonne to USD 685 per tonne.
So, Iraqi buyers still prefer locally produced material on more acceptable prices as compared to foreign suppliers’ offers. However, since local mills are unable to fully meet the market requirements, many customers are buying Ukrainian rebar.