The situation in the longs market in southern Europe remains almost unchanged from last week, with offer prices generally stable and only a few attempts at further increases. However, demand remains rather weak, and there is talk of early closures starting as early as July 20.
Regarding rebar in Italy, the local workable price has been reported stable at around €360/mt ex-works base (€625/mt ex-works including regular extras), despite some sources reporting signs of a demand recovery. Additionally, "steel mills will bring forward July shutdowns and, as a result, have less need for scrap," as one source said.
In the export segment, ex-Italy rebar prices have been reported stable week on week at €580/mt FOB by sea and €560-580/mt ex-works by truck. A Greek producer, however, according to some sources, has increased its rebar offers which are currently at around €630/mt FOB compared to the previous level of €600/mt FOB, while wire rod has been reported stable at €620/mt FOB. No deals at the stated levels have been reported, though.
Lastly, on the import side, ex-Turkey offers have been reported to be nearly stable, with rebar at around €565-570/mt CFR southern Europe and wire rod at €570-575/mt CFR.