As reported previously, at the beginning of last week Italian rebar producers increased their domestic prices from €485-490/mt to €515/mt ($608/mt) ex-works, which is the price level they are still asking for at present. While scrap prices have decreased moderately in the Italian market this month, rebar producers have justified their move by citing the lack of available products and the fact that most of them have completed their sales targets for October.
As for the export market, after a week in which rebar demand coming from Algeria was quiet, this week Algerian buyers have come back to Italian producers with price inquiries. While Italian producers' offers are at €490-495/mt ($578-584/mt) FOB, Algerian buyers are asking for lower prices. However, sources have told SteelOrbis that as demand seems good Italian producers are unwilling to decrease their prices.
€1 = $1.18