Italian rebar prices are see-sawing against the backdrop of poor demand and steelmakers’ price increases of ten days ago.
Local producers pushed up values by some €70-80/tonne ($72-83) this month compared to October. The buyers who spoke to Kallanish, however, confirm they refused to purchase at increased values and one producer confirmed a new order at €500/t base ex-works.
Contract values are showing a slight uptick, hovering in the range of €500-520/t base ex-works. Including size extras, domestic rebar prices have flattened this week at €760-790/t ex-works, with demand reported low. The low point of the range of €480-490/t seen in the past weeks has disappeared. Mesh asking prices are at €620-640/t ex-works base, sources suggest.
While producers increased their values to €580/t base ex-works ten days ago, they have since lowered their expectations and are quoting a more reasonable €520-540/t base ex-works. High stocks are reported throughout Italy as buyers are playing a tug-of-war with producers.
Distributors believe prices will remain in the current range in the first week of December. Steelmakers will implement early stoppages this year for the Christmas holiday break to balance demand and supply. Before idling their plants, they are expected to try again to increase prices with the aim of starting the new year from higher than current levels.
Natalia Capra France
