According to Fastmarkets, steel rebar manufacturers in Italy expected prices to rise in the week to Wednesday, July 9, amid rising energy prices and improving demand.
Fresh offers from factories in the north of the country have been received. The base price per ton from the factory is 260-275 euros ($304-322) per ton, compared with 240-250 euros per ton last week, which corresponds to the effective price range for 8-16 mm thick ingots, which Fastmarkets estimates is 530-545 euros per ton.
A market source and a source at the plant said that recent deals were concluded at a base price of 240-250 euros per ton, which in its pure form will amount to 510-520 euros per ton from the plant.
"[The mills]we are still fulfilling old orders at lower prices - 240-250 euros per ton (ratio 5:1), but now the trend is intensifying, Ward. They may try to raise the price before the summer holidays," the trader said.
"The demand is good these days. Buyers know that prices usually rise in July and remain high until September," he added.
It was reported that factories in southern Italy increased their supply to 290 euros per ton from a minimum of 270 euros per ton a week earlier. This would have resulted in an effective price of 560 euros per tonne from the factory, but it was not heard that large quantities were sold at such a high level.
Fastmarkets' weekly price estimate for rebar steel rods, domestic, exw Italy, remained at the level of 510-550 euros per ton as of July 9.
Vlada Novokreschenova
Fastmarkets.com
