In the Italian domestic market base prices of rebar still stand at €300-310/mt ($432-446/mt) ex-works, on actual weight basis. Following the previous week's price extras increase, traders now prefer to wait and watch market developments, since they had already concluded some transactions prior to the increase in price extras. On the other hand, Italian rolling mills' rebar offers to the export markets stand at €515/mt ($742/mt) FOB on actual weight basis. Italian rebar export offers to Algeria stand at €535/mt ($770/mt) CFR. However, as Algerian buyers are waiting for cargoes from previously concluded transactions to arrive, they are not in any rush to conclude new bookings. Consequently, rebar demand from Algeria is currently sluggish and Algerian buyers are seeking reductions in Italian mills' offers.
Rebar demand in the Spanish domestic market is still low and local mills have maintained their rebar base prices at €300/mt ($432/mt) ex-works. Due to reduced capacity usage of Spanish mills, supply shortages for some rebar sizes are reported. Although domestic rebar prices at €565/mt ($814/mt) for deliveries to customer are considered to be high in the local Spanish market, Spanish mills are trying to stand firm behind their offers for the time being due to seasonally higher transport costs and also some mills' suspension of production for maintenance works. On the other hand, Spanish mills have pushed up their rebar export offers to €520-525/mt ($749-756/mt/mt) FOB on actual weight basis, up slightly by €5/mt as compared to last week. However, Spanish rebar producers' major export markets have now entered their summer lull period and thus demand coming from these markets is low.
In Portugal, although rebar prices have remained firm, rebar demand is still low, as traders are currently adopting a wait-and-see stance, despite their low inventory levels. Spanish mills' rebar offers to Portugal still stand at €585/mt ($842/mt) on actual weight basis for deliveries to customer and for 60-day deferred payments.
In the Greek domestic rebar market demand is very low. SteelOrbis has learned that in the Greek domestic market mills' prices for medium size rebar have declined by €15/mt as compared to last week, as some producers have given very aggressive offers to the market, reducing them to €530-560/mt ($763-806/mt) for 30-day deferred payments, delivered to customer, excluding VAT and on actual weight basis. While local traders are unwilling to make new purchases, the limited rebar demand comes from projects financed by the European Union.
Domestic rebar prices in the local Bulgarian market still stand at BGN 990-1,000/mt ($729-736/mt) CPT on actual weight basis, exclusive of 20 percent VAT, while rebar demand in the country is at good levels as the construction industry in the country is performing well. In the meantime, market players state that producers' rebar prices may see an increase of BGN 10/mt ($7/mt), on the back of decent demand.
€1 = $1.44