The situation in the Italian long steel market has not changed in the past week. Domestic rebar prices are still in the range of €750-760/mt ex-works, although local mills are asking for prices at €760/mt and slightly higher. Due to the summer period, demand has remained weak. "Buyers are absent, as they are waiting for the summer holidays to begin. Then they want to see what happens when activities resume," one local trader commented. The source added, "Personally, I think that producers will try to increase prices as soon as they can." He added that, although domestic scrap prices may decrease slightly this month, they may bounce back quickly within a few weeks.
Meanwhile, drawing quality wire rod (SAE1006) prices have also trended sideways, at around €850-860/mt delivered to customer. As in past weeks, prices have been supported by lower availability of material compared to rebar.