Cracks are emerging in the Italian rebar market after domestic prices had increased by €40/mt after bottoming out in mid-June. While local prices were mostly at €410-415/mt ex-works last week, they are now closer to €400-410/mt ex-works. According to local sources, sentiment has weakened recently with the worsening of the pandemic in several European countries, including Italy. Local customers are purchasing only what they need, while the lack of movement of domestic scrap prices has not been helping either.
Meanwhile, export activities are also lacking. Italian producers' offers range from €405/mt to €415/mt, FOB, although sales via ship have been limited in the past few weeks, also due to the antidumping investigation that was opened in Canada against ex-Italy rebar.