While Italian rebar producers had aimed to keep prices at €490/mt ($652/mt) ex-works, their efforts have been in vain, with their domestic rebar prices declining over the last 10 days to €470/mt ($625/mt) ex-works. According to operators consulted by SteelOrbis, it will also be very difficult for producers' prices to remain at this level.
Buyers expect further decreases due to ongoing low demand and the significant decline in scrap prices, as well as because of the situation in the export market. Both export prices and demand in export destinations have weakened in the last two weeks, while market players have begun to fear a paralysis of transaction activities due to the approach of Ramadan and the summer holidays.
€1 = $1.33