European domestic rebar and wire rod prices remained largely unchanged in the week to Wednesday October 29, with limited demand restricting mills’ attempts to increase prices.
Producers in Italy were said to be withdrawing offers from the market in attempt to get higher prices by the end of the year.
“The situation here in Italy is rather complex. As of October 27, almost all producers have suspended sales. The goal appears to be to bring the base price for bars up to €300 per tonne ex-works (equivalent to €565-570 per tonne ex-works for an effective price),” one buyer said.
“This move is driven by balance sheet requirements: producers need to quickly bring quotes back to the levels seen at the end of 2024 to avoid reporting losses greater than expected. The 2024 financial statements already showed that all producers closed the year at a loss, and 2025 does not look promising,” the buyer added.
In Italy like in many European countries the effective price consists of base price, which is fluctuating and extras, which change rarely and are publicly available. Average extras for 8-40 mm diameter, 12 meter long steel bars assessed by Fastmarkets vary within the range of €265-270 per tonne.
The buyer reported booking a cargo of rebar at €280 per tonne ex-works base, which is equivalent to €545-550 per tonne ex-works effective, before mills quit the market.
One of the major producers in the country confirmed that mills are trying to raise prices but sees the level of €300 per tonne ex-works base as a far away possibility.
The producer assessed workable effective prices within the range of €530-550 per tonne ex-works.
Consequently, Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar) domestic, exw Italy narrowed upward to €530-550 per tonne on October 29, from €520-550 per tonne on October 22.
Fastmarkets’ corresponding price assessment for steel reinforcing bar (rebar) domestic, delivered Spain rose slightly to €640-645 per tonne on October 29, versus €635-640 per tonne on October 22.
Northern European mills also found it hard to increase prices.
A steelmaker from Germany reported intentions to increase base price to €360 per tonne delivered (€625-630 per tonne delivered effective for 8-32 mm diameter, 12 meter long bars), but this was not widely accepted by customers, and thus €350 per tonne base (€620-625 per tonne effective) remained workable.
In France, Switzerland and Austria, Italian rebar was heard available at €595-600 per tonne delivered.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar) domestic, delivered Northern Europe widened to €595-625 per tonne on October 29, from €600-620 per tonne on October 22.
Wire rod in Northern Europe remained stable within the range of €570-590 per tonne delivered, which was also reflected in Fastmarkets’ weekly price assessment for steel wire rod (mesh quality) domestic, delivered Northern Europe, unchanged week on week.
Meanwhile, Fastmarkets price assessment for steel wire rod (mesh quality) domestic, delivered Southern Europe was €560-570 per tonne on October 29, widening down from €570 per tonne delivered on October 22.
