Demand is still lackluster in the local Italian rebar market, although improving weather conditions have produced a slight increase in trading activity as compared to last week. Neverthless, transaction activity remains slack, while average offer prices have dipped further to €500-510/mt ($665-678/mt), excluding VAT, for delivery to customer, while actual transactions are more often concluded closer to the bottom of this price range.
Market players believe that, amid the restart of construction activities and firmer scrap quotations, average rebar prices may leave their downtrend and start to rise.
On the export side, Italian suppliers' most recent offers to Algeria stood at €510/mt ($678/mt) FOB for March deliveries, but they have reported little success. According to SteelOrbis sources, Italian rebar producers would not make any profit by offering their products at lower prices.
As for imports, Turkish offers are at $680-685/mt for April shipment, ex-CIS offers are at $605/mt for six-week shipment and Spanish suppliers are offering their rebar at €505-510/mt ($672-678/mt), for end of March shipment.
€1 = $1.33