Italian rebar producers have decided to increase their domestic prices in line with rising raw material prices and the upward trend of steel prices in the international markets, as predicted in our last report.
Italian producers' domestic rebar offer prices have increased by €40-45/mt ($45-51/mt) week on week to €375-385/mt ($424-435/mt) ex-works, but as yet there has not been any response from buyers, who are currently receiving deliveries of rebar previously bought at lower prices.
In the meantime, there is a lot of confusion in the market because of the absence of price surveys from Brescia Chamber of Commerce, which were used to determine prices in contracts. For a temporary solution of the problem, Brescia Chamber of Commerce has suggested that prices from Milan Chamber of Commerce should be used as reference prices, but there are some problems bringing about this change as previous contracts were linked to the Brescia prices.
€1 = $1.13