Rebar prices in the Italian domestic market widened in the week to Wednesday September 3, following deals heard second-hand in southern Italy and lower offers from some mills.
Prices are traditionally higher in the southern region of the country, so deals heard at €610-620 ($711-722) per tonne ex-works in that region pushed Fastmarkets’ price range up.
As a result, Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar) domestic, exw Italy widened to €560-620 per tonne ex-works on September 3, from €570-600 per tonne on August 27.
There were mixed perspectives within the market during the pricing session, with some sources expressing a bullish outlook for this month and into October, but most saying that they were in “wait-and-see” mode due to a lack of clarity in price direction.
One buyer said that they have been using their warehouse “to the fullest” and only purchasing to fill gaps rather than build stock.
“We’re buying the material we are missing until we understand how the market is moving,” the source said. “There’s a lot of work here in Italy, so demand is strong against a deficient supply.”
But other sources gave a contrasting, bearish perspective, with low demand placing downward pressure on prices.
“We had a good last week in August, but the beginning of September has been very quiet, and I think customers are in waiting mode to see if they [sense] the beginnings of a price downtrend,” a trader said.
In Spain, prices remained stable.
Fastmarkets’ price assessment for steel reinforcing bar (rebar) domestic, delivered Spain was €640-645 per tonne on September 3, unchanged week on week.
In Northern Europe, prices were under slight downward pressure.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar) domestic, delivered Northern Europe was €630-640 per tonne on September 3, widening downward by €5 per tonne from €635-640 per tonne on August 27.
Material was reported booked at these levels.
