While the European rebar market has already begun its summer holiday, prices have shown some increases. SteelOrbis has learned from market sources that rebar prices in northern European markets have increased by €10-15/mt ($12-18/mt), reaching €500-515/mt ($615-633/mt) ex-works. Reduced rebar inventories and supply shortages for some rebar sizes since some rolling mills will be on holiday during August, are supporting rebar price increases in the European domestic market. Rebar prices in the German domestic market have increased slightly to €500-505/mt ($615-621/mt) ex-works, while rebar prices in the southern European markets are at about €510-515/mt ($627-633/mt) ex-works.
On the other hand, European rebar export offers also indicate upward movement. In the past week, European rebar export offers have increased by about €10-15/mt ($12-18/mt) to €485-490/mt ($597-603/mt) FOB, while rebar offers for September shipments have risen to €495-505/mt ($609-621/mt) FOB. Spanish and Portuguese producers have concluded some export transactions at €495-500/mt ($609-615/mt) FOB, while Italian rebar prices are standing at €500-505/mt ($615-621/mt) FOB. The main reason for the price hikes are rising scrap prices. Rebar prices in Europe may see another €5/mt (6$/mt) increase next week.
€1 = $ 1.23