In southern Europe, the mood is still uncertain with the longs market there seeming to be mostly stable due to the various holidays, the upcoming elections in Greece, and the ambiguous global sentiment.
In Italy, local rebar offers remain unchanged at €460-480/mt ex-works base (€725-745/mt ex-works including regular extras), but with limited orders. Some sources said they have heard rumors of possible reductions, but with no real feedback. “We have to wait at least a couple of weeks to see how it goes,” said an Italian trader.
Offers of SAE1006 wire rod are now mostly at €680-700/mt DAP northern Italy, down from €720/mt which was still seen until last week.
In Greece, the longs market seems to be calm and stable. “The prices are stressed mainly because of the upcoming elections, negative global sentiment and the general price uncertainty,” commented a Greek producer. In Spain, on the other hand, local mills are reported to be proposing declines in SAE1006 wire rod offers, from €710/mt to €690/mt delivered, according to one source.
Export and import demand is generally low. Current ex-Italy rebar offers have been reported in the range of €660/mt delivered (particularly in the Balkan area) to €690/mt delivered (for northern Europe). Ex-Italy wire rod has been sold at around €700-710/mt delivered to central and eastern Europe. “Offers by ship are low and this kind of situation freezes the market,” an Italian producer stated.