Italian producers' domestic rebar prices have decreased slightly on the higher end of the price range as compared to last week and are now generally aligned at around €480/mt ($622/mt) ex-works. As usual, the ongoing problems of poor demand and difficulties relating to finance and collection of payments continue to afflict the market.
Meanwhile, export activities are also suffering due to price levels which have become increasingly unsustainable for Italian rebar producers. Export offers are now even lower than €450/mt ($583/mt) FOB. However, in Algeria there is a significant problem due to overstocking and unbalanced supply, caused by the plentiful arrivals of imported materials in the last two-to-three months. Operators consulted by SteelOrbis say that this "agony" in the export market will continue in the short term, and that a significant recovery will come only in September when foreign buyers will be compelled to buy after Ramadan.
€1 = $1.295