According to market sources, Italian rebar producers are trying to raise their domestic offers in order to consolidate their current levels of €435-445/mt ($485-493/mt) ex-works. Local demand remains chronically weak, but mills have received some orders in the price range in question. Meanwhile, the upward trend of domestic scrap prices has come to an end and so local sources think that some buyers are avoiding purchases because they fear that local rebar prices might start to decrease.
As for the export market, Italian producers' rebar offers are at €420/mt ($466/mt) FOB. Several Italian producers have concluded transactions to Algeria at this price level. However, exchange rate effects combined with the approach of Ramadan have impacted activity levels, which appear to have slackened compared to one week ago.
€1 = $1.11