No major changes have been reported in the European long steel market this week, while the slight upward trend recorded last week seems to have already exhausted its momentum.
In the local rebar market in Italy, no changes have been reported in ex-works base prices, which have remained stable in the range of €260-280/mt (€525-545/mt ex-works including regular extras). "October has been a good month in terms of sales volumes," a source at an Italian mill said. "November is a bit subdued and it will remain the same for the rest of the month," he concluded. After all, as SteelOrbis had anticipated last week, the grounds for an upward trend of prices in the local market were very weak, so much so that prices have already stabilized.
As for wire rod, local prices in the Italian market have been standing at €565-580/mt delivered for drawing quality and €545-560/mt delivered for mesh quality.
No changes have been reported in export markets either, whereas on the import side rebar prices from Turkey have been reported at €500-505/mt CFR, down by €5/mt on the upper end of the range due to variations in the exchange rate, but up by $5/mt on dollar basis compared to the previous week. Wire rod prices of the same origin have been reported at €505-515/mt CFR, down by €5/mt on the lower end of the range but also up by $5/mt on dollar basis compared to the previous week.
Rebar and wire rod import prices from Egypt have been reported at €495/mt CFR and €500-510/mt CFR, respectively, unchanged on euro basis compared to last week. Lastly, import prices for wire rod from Indonesia have been reported at €450/mt CFR this week.