In the local Italian market, domestic producers' rebar prices have decreased to €415/mt ($469/mt) ex-works, compared to €435-445/mt ($492-503/mt) ex-works two weeks ago, in line with the decline in scrap prices since the middle of May.
In the meantime, demand for Italian rebar is still very weak both in the local and the export markets, also because of the beginning of Ramadan in target export markets.
Italian producers' most recent rebar offers for the Algerian market stand at €410-420/mt ($463-475/mt) FOB, but Algerian customers do not accept this price range because they believe it is too high. The situation should improve during the coming week because of the expiry of import licenses at the end of June, which should push Algerian buyers to book orders.
€1 = $1.13