In the northern region of the country, offers varied within the range of €530-550 ($628-651) per tonne ex-works in the reported week versus €540-580 per tonne ex-works last week.
In the southern region, prices slid to €570-580 per tonne ex-works in the week to September 17 compared with €610-620 per tonne in the week ended September 10.
“The demand situation leaves much to be desired – customers’ sentiment is that the downtrend will continue, so they only buy hand to mouth,” one trader said.
“The scrap price is decreasing, so I think the rebar trend will not invert soon – maybe we will go on this way [for the next several] weeks,” they added.
Fastmarkets’ monthly assessment for steel scrap E40 shredded, delivered to mill Italy was €315 per tonne on September 1 versus €315-335 per tonne on August 6.
“We are booking weekly as we see the market is unstable and prices may drop further in the coming weeks,” one processor said.
Fastmarkets’ weekly price assessment for domestic steel reinforcing bar (rebar), ex-works Italy, was €530-580 per tonne on Wednesday September 17, compared with €550-620 per tonne on September 10.
The price tendency in the Northern European market has not been clear in the reported week, with some market participants expecting the situation in Italy to influence the wider region.
“So far, I have not got price improvement from local suppliers, but I’ve got a feeling it is just a matter of time until they reduce offers,” a buyer from Austria said.
Offers from German and Austrian mills were heard at €630 per tonne delivered.
Another market source said that France is facing economic, political and social problems, so the current state of the steel market and its future expectations are presently subpar.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar) domestic, delivered Northern Europe narrowed to €630 per tonne on September 17 from €625-640 per tonne on September 10.
In Spain, meanwhile, rebar prices remained unchanged owing to stable demand.
Fastmarkets’ price assessment for steel reinforcing bar (rebar) domestic, delivered Spain was €640-645 per tonne on September 17, unchanged week on week.
A sell side source hinted that such conditions provide hope that some prices will rise in the near term.
