This week has started quietly in the European longs market, but now it has begun to show small signs of optimism. The announcement of the new safeguard measures that will come into force in the European Union in mid-2026, together with the gradual definition of the rules of the Carbon Border Adjustment Mechanism (CBAM), is giving new hope to European steel producers. On the other hand, steel importers and distributors consider these new measures too strict.
In particular, the Italian rebar segment - which was expected to decline until the end of last week - has reported rebar sales prices at around €260-280/mt ex-works base (€525-545/mt ex-works including regular extras). However, a trader believes that deliveries will continue at €230-250/mt ex-works base (€495-515/mt ex-works including regular extras) "until the beginning of November”. This level, however, is still up by around €10/mt on the higher end of the range week on week.
Contrastingly, wire rod prices in the Italian market are showing a downward trend compared to the previous forecast for the month of October, standing at €575-590/mt delivered for drawing quality and €550-565/mt delivered for mesh quality. This decline, according to a market player, is due to the decision of some large players in the European Union who have made considerable price reductions that are affecting the entire market. Moreover, steel demand in the construction segment remains modest.
In Germany, October wire rod prices have been proposed at €585-600/mt delivered for drawing quality, whereas mesh grade wire rod prices have been proposed at €555-565/mt delivered. As for central and eastern Europe, however, the same prices have been cited at €560-590/mt delivered and €545-560/mt delivered, respectively.
In the export segment, rebar prices from Spain to UK ports have remained unchanged from the previous week at around €540/mt FOB, whereas for rebar and wire rod imports from Turkey dollar-based prices have risen slightly on the upper end of the range week on week for October and November shipments. Last week, these levels had been reported at around €10-15/mt lower than the current levels, which have been brought back to €500/mt CFR and €510/mt CFR, respectively.
However, it is necessary to consider the euro-dollar exchange rate, which moved from 1.175 on October 2 to 1.161 on October 9. According to market players, the above increases in Turkish long steel prices are driven by the upward push in Turkey's import scrap segment.
