In Italy, at least one local producer has increased its offers for rebar to €410-420/mt ex-works this week. However, no transactions have been closed at this level yet, SteelOrbis has learned. The latest workable prices in the country are at €390-400/mt ex-works, i.e., stable compared to one week ago. According to sources, Italian rebar producers are trying to increase their prices factoring in the positive momentum of other steel prices and the predicted rise of local scrap prices in December. They are also saying that they want to improve their margins. However, domestic rebar demand appears weak due to the uncertainties caused by the second wave of Covid-19 and the subsequent ‘soft’ lockdowns. As a result, local buyers are trying to resist any price rise for the moment.
As for the export market, Italian producers are selling rebar at €420/mt ex-works by truck, while they are not giving offers for January shipments by sea as they want to evaluate the market situation first.