Rebar prices in the Italian domestic market narrowed downward somewhat upon the gradual return of market participants from an almost month-long holiday, Fastmarkets learned on Wednesday, August 27.
This was mainly due to lower numbers heard in the southern region of the country, where prices are traditionally higher than in the northern region.
Prices in the north of Italy have remained unchanged since early August at €570-590 ($663-687) per tonne ex-works, with first bookings heard done at the lower end of this range.
For the southern region, where previous offers varied within the range of €600-620 ex-works, the estimations of market participants were limited to €600 per tonne ex-works on August 27.
As a result, Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, exw Italy, narrowed downward to €570-600 per tonne ex-works on August 27, from €570-610 per tonne on August 20.
Demand was said to still be generally quiet, as not all market participants had yet returned after summer break, but most of the sources Fastmarkets spoke to on the day expected the recovery of demand and possible price rises in September.
In Spain, prices remained stable, in line with demand.
Fastmarkets’ price assessment for steel reinforcing bar (rebar), domestic, delivered Spain, was €640-645 per tonne on August 27, unchanged week on week.
Similarly, in Northern Europe, no price changes were observed during the week.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe, was €635-640 per tonne on August 28, stable week on week.
A sell-side source connected with a German mill said that Northern European markets have not yet returned from holidays, and buying activity is expected to pick up in the coming weeks amid low stocks on the customers’ side.
