European domestic long steel prices remained stable in the week to Wednesday July 29, with market participants reporting increased buying activity ahead of August closures, when many producers are expected to halt production for two to three weeks. At the same time, mills continued to target higher prices, supported by restocking activity described by one market participant as “hamster buying.”
“These days demand is good; customers, as usual, remember at the last moment that producers are closing for two-three weeks, so they are restocking,” a trader source told Fastmarkets.
In Italy, tradable levels were reported at €690-750 ($787-855) per tonne ex-works, although no transactions were reported at the upper end of the range.
Deals were heard at €690-730 per tonne ex-works, with offers and indications also reported within that range. Higher indicative offers of €750 per tonne ex-works were reported as well, but no deals were heard at that level, although mills continued to target higher prices ahead of the summer closure.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, exw Italy, remained stable at €690-730 per tonne on Wednesday July 29, unchanged from the previous week.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Spain, remained unchanged at €750 per tonne.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe, remained unchanged at €710-730 per tonne on July 29.
Wire rod prices mirrored the broader stability seen across the European long steel market during the assessment week.
In Southern Europe, tradable levels for mesh-quality wire rod were reported at €660-680 per tonne delivered.
Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), domestic, delivered Southern Europe, remained at €660-680 per tonne on July 29.
In Northern Europe, tradable levels for mesh-quality wire rod were reported at €705-715 per tonne delivered.
Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), domestic, delivered Northern Europe, remained unchanged at €705-715 per tonne on July 29.
