European domestic prices for rebar remained steady in the week to Wednesday May 27, with weak demand stifling market acceptance of attempts by Italian mills to push for higher prices, sources told Fastmarkets.
Market participants said that demand remained subdued across Europe, due to the weak construction sector, high prices, adverse weather conditions and slow project development.
“The residential market in Italy, except Milan, is weak,” a buyer source said. “In addition, orders from public infrastructure sites are slow due to financial and weather issues.”
Tradable prices in Italy remained unchanged week on week, despite the upward pressure from producers, sources said.
“Producers have responded by cutting production and/or exporting,” one seller source told Fastmarkets.
In the north, tradable levels were reported at around €710-730 ($826-849) per tonne ex-works, while in the south, prices remained at about €750-770 per tonne ex-works, but no meaningful volumes were traded at the upper end of the range.
Transactions were concluded within those ranges, but buyers were taking a wait-and-see-approach.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, ex-works Italy, was €710-750 per tonne on May 27, unchanged week on week.
In Spain, the tradable level was reflected in Fastmarkets’ price assessment for steel reinforcing bar (rebar), domestic, delivered Spain, which remained at €750 per tonne delivered (16 mm base).
And domestic rebar prices in Germany were also stable, with the tradable level at around €710-730 per tonne delivered, with limited variations across the market, sources said.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe, was €710-730 per tonne in the week to May 27, unchanged from the previous week.
Steel wire rod followed the overall trend in long steel prices and was unchanged from May 20, amid subdued demand.
Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), domestic, Northern Europe, was unchanged at €705-720 per tonne delivered on May 27.
In Southern Europe, wire rod prices were reported at €690-720 per tonne delivered, with offers and transactions heard at similar levels.
Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), domestic, delivered Southern Europe, was unchanged at €690-720 per tonne.
