In the local Italian rebar market, domestic producers' prices have softened further to €385/mt ($427/mt) ex-works, compared to €385-395/mt ($427-438/mt) ex-works last week. Although local demand has remained weak, producers are not willing to decrease their prices further as scrap price levels have not softened so much in comparison. Some think that a bottom may have been reached in rebar prices and that prices may even rebound in the coming period.
On the export side, Italian rebar producers have kept their offers at €370/mt ($411/mt) FOB, and at this price they have concluded several sales to Algeria in the past few weeks. Market sources have told SteelOrbis that Italian rebar producers are fully booked until the beginning of August and that at the moment buyers are requesting a price level of €365/mt ($405/mt) FOB but without obtaining it.
€1 = $1.11