Rebar prices could increase further in the Italian domestic market in the coming period, due to increasing production costs, market sources have told SteelOrbis. As reported previously, in the view of rising energy costs, local Italian steel mills in the past few weeks have reduced production by shortening work shifts and interrupting activities during peak hours. In doing so, they pushed their offers up to €730/mt ex-works, starting from October 8, compared to the previous levels of €680-690/mt ex-works.
According to one rebar producer, some sales have already been closed at the new prices, and these are expected to rise further due to "uncontrolled cost increases".
As for the export market, Italian rebar producers' offers have reached €670/mt FOB, as predicted last week, while the previous sale was closed at €640/mt. SteelOrbis’ sources said that an Italian steelmaker has succeeded in selling a lot at the new price. The destination has not been disclosed although it is in the Mediterranean region.