There is some confusion in the southern European longs market, where some producers continue with minimum price offers, while others have decided to suspend sales due to major cost increases and weak demand.
In the local Italian rebar market, the currently tradable price range stands at €275-290/mt ex-works base (€540-555/mt ex-works including regular extras), down from €280-300/mt ex-works base reported last week (€545-565/mt ex-works including regular extras). Despite the discounts, customers are, for now, still observing the market, while many producers are trying to halt the price drop delaying offers. Italian wire rod has been reported at €570/mt delivered, stable compared to last week.
As for export offers, ex-Italy rebar offers have been reported at €560-580/mt FOB by some sources, but others report there are almost no quotations, similar to the situation in the local market. Ex-Spain rebar offers have been reported at €580-590/mt FOB, stable week on week.
Some interest is observed in longs import offers. Turkey has been offering rebar at €550-560/mt CFR southern Europe, down by €10/mt week on week, and wire rod at €656-575/mt CFR, and at least the rebar price levels are considered workable by some buyers. Egypt has been offering rebar at €560-570/mt CFR and wire rod at €560-580/mt CFR, stable compared to last week. Ex-Algeria offers have been reported at €550-570/mt CFR for both rebar and wire rod, while ex-Asia wire rod offers have been reported at about €550/mt CFR.