No improvement or uptick is seen in the southern European longs market, which continues to record declines albeit with a small number of confirmed orders.
In Italy, local rebar prices have fallen as low as €375/mt ex-works base (€640/mt ex-works including regular extras), according to sources, down from an average of €400/mt ex-works base (€665/mt ex-works including regular extras) reported last week. Local drawing quality wire rod is currently stable at €640/mt delivered on average.
On the export side, ex-Italy offers have been reported at €550-560/mt FCA to Romania and €550/mt FCA to Bulgaria for mesh quality wire rod, which, according to one source, has been around €610-620/mt delivered everywhere in Europe.
Ex-Italy rebar is being offered at €575/mt FOB, down slightly from last week’s range of €580-590/mt FOB and approaching customer requests for €560/mt FOB.
Concluded orders are scarce, signaling a still sluggish market and mostly negative sentiment. "No area is particularly active lately," said a Greek source, adding, "Not even low prices from Egypt are able to generate some demand." The rampant pessimism is accompanied by much hesitation in purchases and a generally uncertain mood.
Import offers from North Africa have been reported: from Egypt at $560-570/mt FOB (€550-560/mt CFR southern Europe) for mesh quality wire rod and from Algeria at $585/mt FOB (€575/mt CFR) for rebar. Turkey is currently offering rebar at $630-640/mt FOB (€612-620/mt CFR) for June/July shipment and wire rod at $640-650/mt FOB (€620-630/mt CFR) for June/July shipment.