Italian rebar mills keep domestic offers stable

In Italy, most companies have linked tomorrow's holiday with the weekend. Demand is still low in the Italian domestic rebar market and Italian mills have kept their rebar prices unchanged at €520/mt ($728/mt) ex-works, on actual weight basis. Prices had declined by €20-30/mt ($28-42/mt) last week. However, SteelOrbis has learned that a new slight decrease in rebar prices is expected in the Italian market.
 
In the meantime, Italian mills' rebar export offers are now standing at €500/mt ($700/mt) FOB on actual weight basis, compared to €505/mt ($707/mt) FOB last week. However, since demand has been sluggish in Italian mills' rebar export market for a while now and the euro has again reached 1.40 level against the US dollar, Italian offers have remained higher as compared to international market prices. Thus, some market players state that Italian rebar export offers may soften further next week.
 
Italian rebar mills' offers to Algeria have softened by €5/mt ($7/mt) as well, declining to €530/mt ($742/mt) CFR. However, with the arrival of rebar cargoes from their previous bookings nowadays, Algerian buyers are not inclined to conclude new purchases for the time being.
 
€1 = $1.4