Italian rebar market remains silent ahead of Christmas

Approaching the Christmas holiday, silence persists in the Italian domestic rebar market, with local prices staying at last week's levels.
 
Accordingly, rebar market prices in Italy have remained unchanged as compared to last week at €520-530/mt ($681-694/mt) ex-works, on actual weight basis.
 
Italian buyers are currently delaying their rebar bookings and adopting a wait-and see stance instead, since most Italian rebar mills will be on holiday between December 23 and January 9, suspending their production and also some buyers believe that prices may see a downward correction after the holiday.
 
On the other hand, Italian mills' rebar export offers are now standing at €510-520/mt ($668-681/mt) FOB, though these offers are scarce due to the approach of the festive season. Export offers have indicated an increase of about €10-20/mt ($13-26/mt) as compared to last week.
 
Italian mills' rebar offers to Algeria, from where the number of inquiries has increased lately, are currently standing at €535-540/mt CFR ($701-707/mt). However, there has not been any transaction at this price level so far.
 
€1 = $1.31