Southern European rebar market trends sideways amid weak demand

Witnessing quite slow demand in their domestic markets and a lack of a significant improvement of demand in their export markets, southern European rebar producers have been unable to find any positive reaction to their price hike attempts.
 
After concluding some rebar sales last week at €500-505/mt ($694-701/mt) FOB, certain Italian producers are now seeking to increase their prices. However, no new export offer price levels have come to light so far. While some Italian rebar producers have continued to give offers to the Greek market at €505/mt FOB, other Italian producers do not seem to be willing to continue with this price level any longer.
 
On the other hand, this week some Spanish rebar producers have increased their export offers to the level of €515-520/mt ($715-722/mt) FOB. Although there is some rebar demand in North Africa, it remains limited since the Algerian market -  a major market for Spanish producers - has not yet fully recovered in terms of transaction activity; besides, buyers are now anticipating a decline in prices since market activity has slowed down, Spanish producers have been unable to conclude any significant transactions. Following the latest low-volume rebar transactions to the Algerian market at €520-535/mt ($722-743/mt) CFR, the Algerian market has remained quiet this week.
 
The Greek domestic rebar market has slowed down further this week, with reduced market activity and the shortening of producers' payment periods. Greek mills' rebar offers to domestic traders vary in the price range of €535-545/mt ($743-756/mt) depending on the order volume, for deliveries to customer. However, these producers' rebar prices are higher for smaller orders.
 
€1 = $1.388