The situation in southern Europe has not yet seen any change. There is little activity overall, and, while the local rebar market in Italy is making tentative attempts at increases, export prices throughout southern Europe seem to be at a standstill and wire rod is still losing a few euros every week.
In the Italian market, producers are trying to keep offers at €420-430/mt ex-works base (€685-695/mt ex-works including regular extras), but the tradable level has settled at €370-380/mt ex-works base (€635-645/mt ex-works including regular extras), up by €20/mt from last week and two weeks ago. Local drawing quality wire rod offers, on the other hand, decreased to €610/mt delivered (€600/mt delivered for large volumes), down from the reference range of €630-640/mt delivered of two weeks ago. Mesh quality wire rod has been offered at €580/mt delivered. In the local Spanish market, wire rod offers have been at around €570/mt delivered.
In the export segment, some rebar ex-Italy offers have still been reported at €560/mt FOB, stable compared to last week. Similarly, Greece is also reported to have remained firm in its export offers at €610/mt FOB for rebar and €630/mt FOB for wire rod, according to a source.
In closing, on the import side, Egypt has increased its offers by $5-10/mt week on week, now at $570-580/mt FOB for both rebar and wire rod (€548-557/mt CFR Southern Europe). A Spanish source reported Egyptian offers at about €575/mt CIF FO 90-day LC. Ex-Algeria rebar offers are higher, at $595-600/mt FOB (€570-575/mt CFR).