Activity in the Italian rebar market remains slack. Negotiations are still very scarce, while demand is low. Currently, in the domestic market, rebar is offered at the base price of €280/mt ($372/mt) ex-works.
Since demand is still weak, producers will be forced to cut production, according to market sources consulted by SteelOrbis. The situation has deteriorated due to the weather and the cuts in gas supplies from Russia, especially now that Italy is in the grip of freezing weather and with gas consumption at its highest.
In the meantime, Algerian rebar buyers remain cautious. While Italian producers' offers to Algeria are currently positioned below €510/mt ($678/mt) FOB, in the export markets on the whole purchases are scarce, while the recent trend of the euro/dollar exchange rate has not helped.
€1 = $1.33