Italian rebar producers have been trying to increase their domestic prices due to the bullish trend of local scrap prices. As of January 10, local rebar prices have increased slightly to €430/mt ex-works, compared to €420-430/mt recorded in late December. However, at least one local producer is asking for a price of €440/mt ex-works, seeking to achieve it in its new sales.
One market source told SteelOrbis, "Buyers were used to continuous price decreases last year, and so they are very cautious about accepting price increases and they prefer to reduce their stocks at the moment. Demand exists, but they want to be sure prices do not decline." At the same time, local producers are not particularly eager to sell.
As for the export markets, Italian rebar offers are at €430-435/mt FOB, according to sources, and decent demand has already allowed some producers to close a few sales. At the same time, one Italian rebar producer is not giving offers as it is still performing maintenance on its plants.