In Italy, many rebar rolling mills are getting prepared to suspend their production due to planned maintenance works. Since this is causing reduced rebar supplies in the Italian domestic market, local rebar prices have increased by $10/mt, despite tepid demand ahead of the summer holiday. Thus, for deliveries to customer, local rebar prices in Italy are now at €540-550/mt ($783-798/mt) on actual weight basis. In the meantime, SteelOrbis has learned Italian rolling mills' rebar offers to the export markets still stand at €510/mt ($740/mt) FOB on actual weight basis, though offers are scarce. In Algeria, the major export market of Italian rolling mills, buyers are not active in rebar bookings, influenced by the approach of Ramadan. Nevertheless, Italian mills' rebar offers to Algeria still stand at €535/mt ($776/mt) CFR.
In the Spanish domestic market, some rolling mills have started conducting maintenance works, suspending their production as the summer holidays approach. This has a negative effect on rebar market supplies. In addition, reduced availability of truck transportation is helping to keep domestic rebar prices firm despite low demand. Consequently, local rebar prices in Spain are still at €570-580/mt ($821-835/mt) on actual weight basis, for deliveries to customer. In the meantime, Spanish mills' rebar export offers still stand at €515/mt ($742/mt) FOB on actual weight basis, while their offers to Algeria are at €535-540/mt ($770-778/mt) CFR, on actual weight basis. It is reported that, although Algerian buyers are active in making inquiries, they are not in a hurry to conclude new rebar bookings.
In Portugal, rebar prices have remained unchanged again, while rebar demand is still very low. SteelOrbis has learned that Spanish mills' rebar offers to Portugal still stand at €585/mt ($842/mt) on actual weight basis for deliveries to customer and for 60-day deferred payments. Market players state that they are not expecting any improvement in demand in the coming weeks, due to the summer holidays and uncertainty in Europe.
Rebar demand in the Greek domestic market is low, indicating no improvement ahead of the summer holiday. In the Greek domestic market mills' prices for medium size rebar have remained unchanged at €540-580/mt ($783-841/mt) for 30-day deferred payments, delivered to customer, excluding VAT and on actual weight basis.
Rebar demand in Bulgaria is still at good levels, thanks to continuing liveliness in the country's construction industry. Despite the anticipation of an upward correction in rebar prices in previous weeks, the entry of large volumes of cheaper rebar from Greece to the Bulgarian market towards the end of last week has increased rebar supplies, causing prices to trend sideways. Domestic rebar prices in the Bulgarian market still stand at BGN 1,010-1,020/mt ($746-753/mt) CPT on actual weight basis, exclusive of 20 percent VAT.