Italian rebar prices receive support from higher scrap prices

During recent weeks, Italian rebar producers sold good volumes to Algerian buyers at €375-380/mt FOB.
 
Now, however, Italian producers are no longer offering rebar for export since there are no tonnages available for December shipments. In the meantime, scrap prices are moving up and rebar producers prefer not to announce new export offers yet because they are considering increasing their prices.
 
Scrap prices are also pushing up domestic rebar prices in Italy. From €355-365/mt ex-works at the end of last week, domestic producers' rebar prices for the Italian market now stand at €375-385/mt ($416-427/mt) ex-works. In the meantime, local rebar demand remains weak and market players hope that the upward price trend - which could also continue in the coming days - will push buyers to conclude new deals.
 
€1 = $1.11