Domestic rebar prices in Italy have decreased further over the past week. According to market sources, prices are now mostly in the range of €455-465/mt ($532-544/mt) ex-works, i.e., they have decreased by the slight margin of €5/mt. Local demand is still weak and, since exports to Algeria - the main rebar export market for Italian suppliers - are still non-existent, supply has increased domestically, exerting negative pressure on local prices. On the bright side, according to some sources, Italian rebar producers will be able to export rebar to North America in the future, even if the US Section 232 tariffs are confirmed against EU goods after the deadline of June 1: this is because Italian rebar, which was sold at €480-490/mt ($562-573/mt) FOB on theoretical weight basis in the most recent transactions, should still appear attractive in the eyes of US importers considering the high levels of US domestic prices.
€1 = $1.17