Domestic rebar prices are still increasing in the Italian market. While one week ago they were at €480/mt ex-works, now they are at €480-500/mt ($576-600/mt) ex-works. While demand is not strong, the ongoing increases are supported by the significant rise in costs and the low availability of rebar in the domestic market. The latter circumstance is explained by the fact that local producers have very low stocks due to their decision to reduce production from February to June this year, when local prices were mostly decreasing.
Meanwhile, according to market sources, most Italian rebar export offers are at €480/mt ($576/mt) FOB for September shipments, though a few producers have begun offering material at €490-500/mt ($588-600/mt) FOB for October shipments. According to sources, Italian rebar export offers should increase further in the coming period on the back of the increases seen in raw material costs and due to the fact that Turkish rebar producers are also increasing their prices.
€1 = $1.20