European domestic long steel prices remained largely stable in the week to Wednesday July 22 amid weak demand and limited buying interest, though Italian domestic rebar prices moved lower.
“The situation remains very uncertain at the moment, and I believe prices are equally uncertain as a result,” a buyer source told Fastmarkets.
Market participants reported limited purchasing activity across the region, while elevated fuel and electricity costs continued to weigh on market sentiment.
In Italy, tradable levels were reported at €690-760 ($787-867) per tonne ex-works.
In northern Italy, indications were heard at €690-710 per tonne ex-works, with offers and deals reported at those levels. In the south, offers and deals were heard at €710-730 per tonne ex-works. Higher indications and offers of €760 per tonne ex-works were also reported in the region, although those levels were not supported by transactions.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, exw Italy, narrowed downward to €690-730 per tonne on Wednesday July 22, from €690-750 per tonne a week earlier.
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 at €710-730 per tonne, which was reflected in Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe.
Wire rod prices showed mixed trends across Europe during the assessment week.
In Southern Europe, tradable levels for wire rod (mesh quality) were reported at €660-680 per tonne delivered.
Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), domestic, delivered Southern Europe, fell to €660-680 per tonne on July 22, from €670-720 per tonne the previous week.
Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), domestic, delivered Northern Europe, remained unchanged at €705-715 per tonne on July 22.
