Billet prices for rebar production in the local Italian market are currently at around €400/mt ($561/mt) delivered to rolling mill in northern Italy, on 60-day open account basis, excluding VAT.
The Italian billet market is not very strong at the moment, in line with the overall trend in the domestic longs market. Despite the upward trend in the €/USD exchange rate, CIS offers at the level of $550/mt CFR do not appear acceptable to buyers. However, buyers may respond more positively if in the coming days, following an initial softening trend in ex-Turkey billet, a resulting softening is seen in CIS origin billet prices.