European domestic long steel prices remained unchanged in the week to Wednesday July 1, with weak demand continuing to limit upward price momentum across the region.
“All producers are adding weeks of production cuts to ensure that supply remains in line with demand,” a seller source told Fastmarkets.
Market participants attributed the uncharacteristically slow demand for this time of year to the ongoing heatwave across Europe, a lack of residential and construction project developments, and high prices.
“Demand is unfortunately not improving and it’s possibly slowing down further,” a buyer source told Fastmarkets.
In Italy, the tradable price for rebar was said to be €710-770 ($810-878) per tonne ex-works, depending on the region and buyers were maintaining a wait-and-see approach, with transactions continuing within established ranges.
In northern Italy, the tradable price remained at €710-730 per tonne ex-works, while in the south prices were reported at €750-770 per tonne ex-works, although no meaningful tonnages were traded at the upper end of that range.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, ex-works Italy was unchanged at €710-750 per tonne on Wednesday.
In Spain, Fastmarkets’ weekly assessment for steel reinforcing bar (rebar), domestic, delivered Spain was stable at €750 per tonne.
Domestic rebar prices in Germany were also unchanged, with tradable levels reported at €710-730 per tonne delivered with limited variations across the market.
And Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe was unchanged at €710-730 per tonne in the week to Wednesday.
Wire rod prices followed the broader long steel trend across Europe and remained steady during the assessment period.
Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), domestic, delivered Northern Europe was static at €705-720 per tonne on Wednesday.
In Southern Europe, sources put the tradable range for wire rod at around €690-720 per tonne delivered.
Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), domestic, delivered Southern Europe was unchanged at €690-720 per tonne.
