SteelOrbis has learned that about 15 days ago Italian rebar producers had tried to raise their local prices by €10/mt ($14/mt), but only half of this increase margin has been accepted given the ongoing sluggishness of demand. As a result, Italian producers' domestic rebar prices are now at €445-455/mt ($605-619/mt) ex-works. Regarding the coming period, local sources do not expect to see any improvement in the market.
On the export side, the Algerian rebar market is currently at a standstill. In the past two months, Algerian buyers bought twice as much rebar as they needed, with the result that they now have high inventories and do not need to buy any rebar. Accordingly, sources do not expect any increase in activity such as would usually be observed in the period before the start of Ramadan, which this year begins at the end of June. This situation may only change at the end of July, when Italian rebar producers will probably decide to increase their prices. Nevertheless, August is the month for summer holidays in Europe and so the rebar market should remain very quiet until September. The latest rebar export offers from Italian producers have been at €430-435/mt ($585-592/mt) FOB.
€1 = $1.36