The upward trend of prices is continuing in the Italian rebar market. Transaction prices have reached €610/mt ex-works, compared to the previous levels of €590-600/mt ex-works. Currently, local producers are asking for even higher prices, i.e., €620-630/mt ex-works, and most sources believe these levels will be reached in the coming period on the back of strong domestic scrap prices, low supply, good demand, and especially due to low stocks. Market players are optimistic also due to the recent appointment by the Italian Ministry of Infrastructures of 29 extraordinary commissioners who will handle 57 public works projects in the coming period, including 6 railway infrastructure projects, 14 roadway projects, 12 public safety barracks projects, 11 water works projects, three port infrastructure projects and an underground metro project, for a total value of €82.7 billion.
Also, wire rod prices are increasing in the Italian domestic market. Drawing quality wire rod (SAE1006) prices have risen by €5/mt on average in the past week, reaching €660-680/mt delivered. According to sources, local producers expect prices will reach €680-700/mt in May, as demand remains solid while supply is not high.