Over the past week, prices in the local Italian rebar market have increased by a further €30/mt to €550-560/mt ($638-650/mt) ex-works, reaching their highest levels year-to-date. The uptrend began in late June due to the good volume of orders received from the export markets by Italian rebar producers, and has continued in the past month due to the very scarce availability of material at Italian producers and the stability of local scrap prices. Domestic rebar prices should now trend sideways until the end of August, as the holiday month has started in Italy. As reported previously, prices could soften in September as local demand has not improved significantly compared to the period before the price rises started.
€1 = $1.16