Rebar demand in Italy is low in general, as buyers prefer to adopt a wait-and-see stance, purchasing only in order to meet their urgent needs. in the Italian domestic market base prices of rebar still stand at €300-310/mt ($440-455/mt) ex-works, on actual weight basis. However, market sources have told SteelOrbis that transactions are being concluded at €295/mt ($433/mt) ex-works. On the other hand, Italian rolling mills' rebar offers to the export markets stand at €510-515/mt ($748-755/mt) FOB on actual weight basis. While rebar demand is also low in Algeria, Italian mills prefer to turn to their domestic market first instead of heading to the export markets, due to the more advantageous domestic prices and also under the influence of their reduced capacity utilization rates.
Rebar demand in the Spanish domestic market is still low and local mills have increased their rebar base prices by €10-15/mt ($15-22/mt) over the previous week to €300/mt ($440/mt) ex-works. On the other hand, the rebar export offers of Spanish mills are standing at €510-515/mt ($748-755/mt) FOB on actual weight basis, while these producers' offers to the Algerian market have remained unchanged at €535/mt ($784/mt) CFR, despite mills' efforts to push them up slightly. In the meantime, despite sluggish local demand, mills prefer to supply rebar to the domestic market at €565/mt ($828/mt) on actual weight basis for deliveries to customer, rather than exporting.
SteelOrbis has learned that Spanish mills' rebar offers to Portugal have increased by €20/mt ($29/mt) as compared to last week despite the very weak rebar demand in the country, reaching €585/mt ($858/mt) on actual weight basis for deliveries to customer and for 60-day deferred payments. Traders state that they find the above price level to be on the high side and, although their inventory levels are low, they tend to abstain from making purchases other than meeting their daily spot needs.
In the Greek domestic market mills' prices for medium size rebar have increased by €10/mt ($15/mt) as compared to last week, despite the low demand in the country, in line with the price hikes by Turkish and Italian mills and also due to scrap price hikes arising from scrap supply shortages in Greece. Accordingly, Greek mills' prices for medium size rebar have reached €545-575/mt ($799-843/mt) for 30-day deferred payments, delivered to customer, excluding VAT and on actual weight basis. Greek traders prefer to wait to see the market trend and are keeping their purchases at minimum levels.
Rebar demand in Bulgaria has shown some further recovery, in line with increased activity in the country's construction industry. However, rebar prices in the country have remained unchanged. SteelOrbis has learned that domestic rebar prices in the local Bulgarian market still stand at BGN 990/mt ($740/mt) CPT on actual weight basis, exclusive of 20 percent VAT.
€1 = $1.466