Italian rebar mills soften domestic and export offers

Demand is still low in the Italian domestic rebar market and Italian mills have reduced their rebar prices by approximately €20-30/mt ($28-42/mt) as compared to last week to €520/mt ($723/mt) ex-works, on actual weight basis.
 
In the meantime, Italian mills' rebar export offers are now standing at €505/mt ($702/mt) FOB on actual weight basis, compared to €505-510/mt ($702-709/mt) FOB last week. Due to the strength of the euro against the US dollar, inquiries made to Italian steel producers have lately decreased in number.
 
Italian rebar mills' latest offers to Algeria are at €535/mt ($744/mt) CFR, remaining unchanged as compared to last week. However, having sufficient rebar stocks Algerian buyers do not seem in a hurry to start buying again. As SteelOrbis previously reported, last week Italian mills concluded rebar transactions to Algeria for a total of about 20,000 mt at an average of €505/mt ($702/mt) FOB for shipments in late November.
 
€1 = $1.39