Some sources in the Italian market said that the minimum price for rebar had increased, but other sources reported stability in the market.
Fastmarkets price assessment for steel reinforcing bar (rebar) domestic, exw Italy was €560-580 ($694-615) per tonne on Wednesday, stable since October 23.
According to some sources, the price floor has risen by €10-20 per tonne to €570-580 per tonne, but others said workable prices were still present in the market at lower levels.
“We are still seeing a price of €580 per tonne, but before the end of the month producers believe they will [see higher prices],” one buyer source said, citing stable scrap prices and increasing energy costs.
But other sources reported stability.
“Rebar price offers are around €580 per tonne, but major producers are still offering at €560-570 per tonne so it is difficult to close orders at the new price. Demand is not so good these days. Customers are not in buying mode; they prefer to wait and see,” a second buyer source told Fastmarkets.
Meanwhile, Fastmarkets’ price assessment for steel reinforcing bar (rebar), domestic, delivered, Spain was €580-600 per tonne on Wednesday, stable week on week.
Market conditions were reported to be stable in the Spanish domestic market.
“Everything is very calm. Major mills have not increased prices. In terms of imports, the ports are full and while third countries have increased prices, Spanish customers are not interested. Locally you can still see very low prices and weak activity,” a producer source told Fastmarkets.
Some sources reported bids at lower than €580 per tonne, but these price levels were not considered workable.
Southern European wire rod
Fastmarkets’ price assessment for steel wire rod (mesh quality), domestic, delivered Southern Europe was €600-610 per tonne on Wednesday, narrowing downward by €20 per tonne from €600-630 per tonne the previous week.
IREPAS’ short-range November outlook
Sentiment and outlook remained depressed in the steel longs market across Europe, according to the short-range outlook published by IREPAS on November 8, 2024.
Stringent regulatory challenges, high energy costs, high interest rates, challenging logistics and geopolitical uncertainty continued to drive weak demand, the report said.
A drastic reduction in private and public investment has significantly affected consumption in the construction sector.
“The building industry is experiencing a tsunami with order books as empty as they were 15 years ago. Unfortunately, no light at the end of the tunnel is anticipated in 2025,” the report said.
