During the past week, domestic rebar prices in Greece have moved up by an average of €25/mt to €545-550/mt ($670-677/mt) ex-warehouse. Steel mills in Greece have increased their domestic rebar quotations during the given week supported by a slight revival of demand in the local market, having previously postponed their planned price hikes due to weak demand. Market sources state that Greek steel producers have cut production for some grades, causing supply to decline which has also supported to the upward revision of domestic rebar prices.
On the other hand, Italian steel mills have gained a price advantage in the Greek rebar market after reducing their export quotations, while this development is expected to put downward pressure on the local Greek rebar market. As a result, the rises recorded in the local Greek rebar market over the past week are unlikely to be sustained for long.
€1 = $1.23