Italian rebar prices narrowed upward on Wednesday, October 7, with producers continuing to push for higher price levels in response to elevated oil and energy costs, while demand remained subdued across the region.
Market participants noted that recent price increases have been driven primarily by production cost pressures rather than any meaningful improvement in consumption.
“Demand remains very weak, while energy and diesel costs show no signs of decreasing. This issue is becoming increasingly significant as we are also seeing a general contraction in national consumption,” a buyer source told Fastmarkets.
High living costs and elevated prices across multiple sectors were said to be affecting purchasing power.
The construction sector also remained under pressure despite ongoing infrastructure activity.
“Despite the presence of a significant number of ongoing public infrastructure projects, the high cost of raw materials and energy is making it difficult for construction activity to progress at a fast and consistent pace. At the same time, residential construction activity remains significantly down,” a market participant said.
In Italy, indications were heard across a wide range, depending on the region. In the North, workable levels were heard at €730-750 ($820-843) per tonne ex-works and €750-780 per tonne ex-works in Southern Italy.
Deals were heard at €740-760 per tonne ex-works, while offers were heard at €770 per tonne ex-works.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, exw Italy, narrowed upward to €730-780 per tonne on October 7 from €720-780 per tonne a week earlier.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Spain, remained unchanged at €750 per tonne on October 7.
Workable levels for Northern European rebar were heard at around €720 per tonne delivered.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe, was €715-720 per tonne on October 7, narrowing downward from €715-730 per tonne the previous week.
Workable levels for Southern European wire rod were heard at €670-680 per tonne.
Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), domestic, delivered Southern Europe, narrowed upward to €670-680 per tonne from €660-680 per tonne previously.
Meanwhile, Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), domestic, delivered Northern Europe, was unchanged week on week at €705-715 per tonne on October 7.
