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Lebanon expects recovery in steel market activity

Lebanon is on its way to a gradual recovery of business activity after a long-lasting total lockdown,due to the coronavirus pandemic.

Lebanese business entities were allowed to gradually open since February 22. As a result, steel traders resumed their operations, although at a reduced scale.

They are not in rush to book huge volumes of rebar and wire rod. stock is delayed in the movement for two months as they haven’t sold much.

Ukraine is reportedly still out of the Lebanese market, and most offers are coming from Turkey. Rebar for April shipment is available at around $650/t FOB or $665/t CFR, while wire rod can be sourced at $720/t FOB ($735/t CFR). In addition, offers were coming from Iran again, but no details were disclosed.

Steel products from non-Arab and non-European countries are subject to a 5% import duty in Lebanon. As of August 1, 2019, the country introduced an additional 3% temporary tax on imported products that are subject to VAT.

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