The situation is extremely confused in the Italian rebar market, where domestic prices have surged in the past week amid the sharp rise in energy costs and scrap prices after Russia's invasion of Ukraine. According to sources, all local producers have temporarily halted production activities and sales as they are still trying to assess the impact of the recent exorbitant cost increases, and also due to the lack of some raw materials.
Rebar base prices in Italy were mostly at €530-550/mt (€790-810/mt ex-works for 14-26 mm material) in the last week of February, but significantly higher levels will be reached when mills return to the market. According to one local trader, "Someone has already been voicing a base price of €770/mt [€1,030/mt ex-works for 14-26 mm material]." Such high prices may stall the market and cause the halting of many projects, some sources believe.
The same situation applies to the wire rod, beam and merchant bar segments in Italy, the sources added.