Attempts to raise long steel prices continue in Southern Europe, particularly in Italy, where offers are stabilizing at levels significantly higher than in December. "We must not yield," some producers assert, aiming to maintain or even increase prices due to high production costs.
In Italy, domestic rebar prices have reached €340/mt ex-works base (€605/mt ex-works including regular extras), settling at the upper end of the range recorded last week. Rising energy costs are making producers more inflexible, but demand remains uneven. "Some suggest further increases of €20/mt, but at this level several buyers are already struggling to make purchases," one Italian market source commented.
ArcelorMittal has announced €25/mt increases for longs across Europe, also citing high energy costs. As usual, many market participants wonder who will follow this trend.
In the export segment, stable offers have been reported from Spain and Greece. Ex-Spain rebar has been offered at approximately €620/mt CIF UK, equivalent to around €590/mt FOB, while sources have reported ex-Greece rebar offers at €585-590/mt FOB and wire rod offer at €580/mt FOB, consistent with last week. Ex-Italy export offers for rebar have been reported at €595-600/mt FOB.
As for imports, Turkey this week has offered rebar at €560-570/mt CFR southern Europe, down from €570-580/mt CFR in the previous week. Wire rod has been offered at €570-580/mt CFR, marking a €10/mt week-on-week decline. Ex-Egypt offers has been reported at €570/mt CFR for rebar and €575-580/mt CFR for wire rod, remaining relatively stable compared to the previous week. Meanwhile, Indonesian wire rod offers have been reported at approximately €510-520/mt CFR.