Long steel prices have continued to follow different trends in European markets this week. Rebar and wire rod in Italy have showed a downward trend on the back of local scrap prices, while import prices from Turkey and North Africa have remained mostly stable or slightly higher.
Players in the Italian longs market have reported the latest rebar prices at €280-290/mt ex-works base (€545-555/mt ex-works including regular extras), but for more significant orders lower levels of €10-15/mt would also be possible. According to some, however, the rumors of new rises in the local scrap market in Italy these days could lead to increases in rebar prices as early as the end of this month or the beginning of June. In addition, "small signs such as the increasing demand for special steels make me think of a gradual return to normal," a source reported.
As for wire rod, the Italian market has remained quiet this week, although some discounts in the order of €10-15/mt were granted for large orders from regular customers. In general, however, prices have remained stable at €625-640/mt delivered for drawing quality wire rod and at €610-625/mt delivered for mesh grade wire rod. The market will have to wait for the next round of sales to highlight any effective price changes.
SteelOrbis has not received any information about changes in prices of long products from Greece, while the price of rebar from Spain to UK ports has been reported at around €580/t FOB.
Finally, in the import market, rebar and wire rod prices from Turkey have been reported at €515-520/mt CFR and €520-530/mt CFR respectively, up €5/mt on the upper end of the range compared to last week. Prices from Egypt have been reported at €510-515/mt CFR for rebar and €525-530/mt CFR for wire rod, while prices from Algeria have been reported at €515-520/mt CFR for rebar and €520-530/mt CFR for wire rod. All prices are calculated based on the exchange rate of $1 = €0.88 (European Central Bank, May 22).