Italian rebar market sentiment was bullish in the week to Wednesday November 19, but prices remained stable.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar) domestic, exw Italy was €540-570 per tonne on Wednesday, unchanged week on week.
Upward pressure in the Italian market is being driven by tighter supply and increased competition for material, sources said.
One buyside market participant said there has been an increase in appetite for rebar as “everyone is stockpiling material” ahead of end-of-year holiday production closures, “and they are rushing to steel mills”.
The source added that the EAF shutdown at Pittini Group’s flagship Ferriere Nord long steel plant at Osoppo in northeastern Italy, following a fire in late October, has added to concerns around limited supply amid some low mill inventories.
