As SteelOrbis reported one week ago, some Italian rebar producers tried to increase their prices in the local market by €20/mt ($22/mt) but because of very low demand they were not able to gain the acceptance of buyers. Accordingly, the producers' local prices have remained at the level of €315/mt (347$/mt) ex-works.
As for the export market, the situation remains difficult both because of the failure to issue import licenses in Algeria against the backdrop of the new quota on rebar imports and due to conflicting reports in Algeria regarding free trade agreements between Algeria and the European Union and Arab countries. The Algerian government in January this year had set quotas for the imports according to which in 2016 it would limit rebar imports to 2 million metric tons.
Although exports still remain blocked, sources close to SteelOrbis have indicated that in recent weeks some Italian producers have managed to sell rebar to certain traders at €320/mt (352$/mt) FOB.
€1= $1.10