Meanwhile, in the Southern European wire rod market, prices remained broadly stable on Wednesday, sources added.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar) domestic, exw Italy was €585-640 ($644-704) per tonne on Wednesday, up by €10 per tonne from €575-630 per tonne on March 26.
Small increases in offers and trades were reported in the Italian rebar market, according to sources.
“The Italian rebar price is increasing in terms of both offers and tradeable levels. Demand had been good last week, but now customers are in wait and see mode. We will wait for the first days of April to see if producers will be able to consolidate the uptrend,” a buyer source told Fastmarkets.
First-hand deals were reported across the Italian rebar market at €585-640 per tonne EXW.
Producer levels were reported at €585-615 per tonne EXW, while other sources in the market indicated higher price levels of €610-655 per tonne EXW.
At the same time, small-tonnage exports of rebar were reported from Southern Europe to Western Europe at €590 per tonne FOB.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, delivered, Spain was €620-640 per tonne on Wednesday, unchanged since March 12.
Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), domestic, delivered Southern Europe was €605-620 per tonne on Wednesday, widening down by €5 from €610-620 per tonne on March 26.
“We have seen some small improvements in demand and outlook. Domestic scrap costs are high and in certain categories of scrap we have seen considerably lower availability, and it was not easy to find what we needed,” a wire rod producer source told Fastmarkets.
Fastmarkets’ monthly price assessment for steel scrap E40 shredded, delivered to mill Italy was €340-365 per tonne on March 28, up from €330-350 per tonne on March 3.
Italian domestic scrap costs have been increasing since the beginning of the year, sources said.
Energy costs are decreasing, however, compensating for higher feedstock costs, according to the wire rod producer source.
Participants saw signs of an improvement in demand in the wire rod market.
But they also noted that there is minimal appetite for imported wire rod in the Southern European market.
