Most mills in Southern Europe will stop production in early August until late August-early September, sources said.
Fastmarkets price assessment for steel reinforcing bar (rebar) domestic, exw Italy was €660-675 ($730-747) per tonne on Wednesday, down by €10 per tonne by €670-685 per tonne on July 19.
Market participants in Italy said they expect demand and trading to remain slow until the end of the summer holidays.
As a result, prices are also expected to remain flat.
“Demand remains flat in the market as everyone is evidently preparing for summer holidays,” a producer source said.
“Mills have tried to raise prices, but weak demand and an uncertain market has made it impossible,” a trader source said.
“Now there’s still a week and a half of work and after this the summer closures will put the price in stand-by,” he added.
At the same time, prices in the Spanish rebar market were stable.
Fastmarkets’ price assessment for steel reinforcing bar (rebar), domestic, delivered, Spain was €640-650 per tonne on Wednesday, unchanged since July 12.
Mills in the Spanish market were seeking extended production cuts to rebalance the market, given current slow demand, sources told Fastmarkets.
Southern European wire rod
Fastmarkets’ price assessment for steel wire rod (mesh quality), domestic, delivered Southern Europe was €580-600 per tonne on Wednesday, down by €10 per tonne from €590-610 per tonne on July 19.
Demand has remained flat this week, Fastmarkets heard.
Published by: India-Inés Levy
