European domestic long steel prices remained largely stable in the week to Wednesday July 15 amid weak demand and limited buying interest, though Italian domestic rebar prices moved lower as mills sought to stimulate demand.
“Weak demand is prompting steel mills to lower prices in an effort to stimulate the market,” a buyer source told Fastmarkets.
Market participants reported limited trading activity, which sources described as unusually subdued even for the summer lull.
“In Italy, construction sites were shut down in the afternoons due to the heat, resulting in production being cut by half,” another buyer source told Fastmarkets.
In northern Italy, market participants reported tradable levels at €690-730 ($787-833) per tonne ex-works, while in the south transactions were reported at €730-760 per tonne ex-works, with only minor tonnages traded at the upper end of the range.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, exw Italy, was €690-750 per tonne on July 15, down from €710-750 per tonne the previous week.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Spain, remained unchanged at €750 per tonne.
Meanwhile, German domestic rebar prices remained stable, with tradable levels reported at €710-730 per tonne delivered.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe, was €710-730 per tonne on July 15, unchanged from the previous week.
Wire rod prices showed mixed trends across Europe during the week.
In Southern Europe, tradable levels for wire rod (mesh quality) were reported at €670-700 per tonne delivered.
Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), domestic, delivered Southern Europe, was €670-720 per tonne on July 15, down from €690-720 per tonne the previous week.
Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), domestic, delivered Northern Europe, was €705-715 per tonne on July 15, unchanged week on week.
European sections and beams
European domestic section prices increased month on month, supported by higher transaction levels across the region.
Deals for steel sections (medium), domestic, delivered Southern Europe, were reported at €865 per tonne.
Fastmarkets’ monthly assessment for steel sections (medium), domestic, delivered Southern Europe, was €800-865 per tonne, up from €800-840 per tonne the previous month.
Domestic beam prices also increased month on month, with tradable levels reported at €800-840 per tonne delivered across Europe.
Fastmarkets’ monthly assessment for steel beams, domestic, delivered Northern Europe, was €800-840 per tonne, up from €790-820 per tonne the previous month.
