Demand in the local Italian rebar market has continued to remain weak over the past week. However, prices, which remained stable at the range of €360-365/mt ($403-409/mt) ex-works in the same period, were expected to move upwards, depending on a better demand and supply balance. As it is expected, some producers hiked local rebar prices up to €385/mt ($431/mt) ex-works and this is considered as a move to avoid possible decreases. However, buyers do not seem interested in this new price level since some of them were able to close deals below €365/mt ($409/mt) ex-works at the beginning of this week.
In the meantime, export offers from Italian producers stand at €370/mt ($414/mt) FOB but the export activity is still limited because of lack of clear information about Algerian import license renewal. Most of licenses expired on August 23 even if some customers were able to get a provisional extension.
€1 = $1.12