In the Italian domestic rebar market, although demand still lacks strength and scrap prices have remained unchanged, prices have moved up as expected. Accordingly, domestic rebar base prices in Italy have now reached €300-320/mt ($424-453/mt) ex-works, on actual weight basis. However, finding these increased prices to be on the high side, buyers are observed to be delaying their purchases. The latest rebar transactions in the Italian domestic market had been concluded at €285/mt ($403/mt) ex-works. In the meantime, Italian mills' rebar export offers are currently standing at €505-510/mt ($714-721/mt) FOB, on actual weight basis.
Similar to the Italian domestic market, in the Spanish domestic market local mills have increased their rebar base prices by €10/mt ($14/mt) over the previous week to €285-290/mt ($403-410/mt) ex-works. However, demand is still low in Spain and buyers only seek to meet their daily spot material needs. On the other hand, the rebar export offers of Spanish mills are standing at €505-510/mt ($714-721/mt) FOB on actual weight basis, remaining unchanged as compared to last week
Italian and Spanish mills are offering rebar to the Algerian market, where buyers are reluctant to concluding new bookings, at €530/mt ($750/mt) CFR, remaining unchanged as compared to last week.
Despite low demand in the Portuguese market, following scrap price hikes Spanish mills have pushed up their rebar offers to Portugal by €10/mt ($14/mt) as compared to last week to €555/mt ($787/mt) on actual weight basis for deliveries to customer. SteelOrbis has learned from market sources that Portuguese buyers are delaying their purchases given the increased prices, and they prefer to buy only small volumes in order to meet their urgent needs.
It is reported that rebar demand in Greece is significantly low, due to the suspension of state-owned construction projects following recent uncertainties in the country. There is strong competition between rolling mills as they seek to attract buyers, while domestic mills' rebar prices are currently standing at the levels of €530-560/mt ($758-793/mt) + VAT delivered to customer, on actual weight basis. This price range indicates some softening as compared to last week. In the meantime, since ex-Italy rebar offers to Greece are almost at the same level as local prices, buyers are not showing interest in these offers.
As regards the latest situation in the Bulgarian domestic rebar market, local prices have increased by BGN 15/mt ($11/mt) over the previous week, reaching BGN 960-970/mt ($694-701/mt) on actual weight basis, for deliveries to customer. Although rebar demand remains weak in the Bulgarian market, local mills are seeking to increase their prices, in line with the rising trends observed in the Italian, Spanish and Turkish rebar markets.
Italian and Spanish mill are expected to try to maintain their current base prices, while buyers are reluctant to conclude bookings at the increased price levels. Market players, finding these new price levels to be on the high side, state that producers may have to update their rebar prices.