According to market sources, Italian rebar producers have filled their order books for June and are now in no hurry to sell rebar for July deliveries. For this reason, their offers are still in a range of €465-470/mt ($521-526/mt) FOB. The rebar export destinations are still Canada, the US, and Algeria. Concerning the US, the reduction of the 50 percent duty on Turkish steel imports to 25 percent has not worried Italian rebar producers. According to one source, Turkish offers are now lower, but not significantly, and US rebar imports from Turkey are also subject to combined antidumping and countervailing duties that were imposed prior to the Section 232 tariffs. For this reason, Italian producers think they will be able to continue to sell to the US. However, currently US buyers' interest in rebar import offers is weak as both scrap prices and rebar prices have decreased in their domestic market. As for Algeria, local buyers are not buying due to Ramadan, but Italian producers expect them to resume their inquiries in the coming weeks.
€1 = $1.12