Southern European long steel prices flat, scrap feedstock costs start to fall

Steel rebar prices in the Italian market were stable in the week to Wednesday February 21, amid slow trading.

“This week has been very low in volumes and prices are unchanged, both for [domestic prices] in Italy and for exports,” a producer source said.

As a result, Fastmarkets’ price assessment for steel reinforcing bar (rebar) domestic, exw Italy was €635-655 ($685-707) per tonne on Wednesday, flat from a week prior.

Market participants had been expecting some upward movement in prices last week due to rising scrap costs. But scrap costs in Turkey’s bellwether market started to fall significantly in past seven days.

Fastmarkets’ calculation of its daily index for steel scrap HMS 1&2 (80:20 mix) North Europe origin, cfr Turkey was $405.46 per tonne on Wednesday, down by $10.56 per tonne week on week from $416.02 per tonne.

The Southern European steel market also remained unchanged in the pricing period.

Fastmarkets’ price assessment for steel reinforcing bar (rebar), domestic, delivered Spain was €630-650 per tonne on Wednesday, unchanged since January 31.

Similarly, Fastmarkets’ price assessment for steel wire rod (mesh quality), domestic, delivered Southern Europe was €650-655 per tonne on Wednesday, also flat since January 31.

Published by: Holly Chant