Sentiment in the Italian rebar market was upbeat during the week leading up to Wednesday, November 19, but prices remained stable.
Fastmarkets' weekly price estimate for steel rebar for domestic consumption, exports to Italy on Wednesday amounted to 540-570 euros per ton, unchanged week to week.
The price increase in the Italian market is due to a reduction in supply and increased competition for materials, the sources said.
One of the market participants involved in purchases said that demand for rebar has increased as "everyone is accumulating materials" ahead of the end-of-year holiday weekend, "and they are rushing to the steel mills."
The source added that the shutdown of production at the Pittini Group's flagship Ferriere Nord long products plant in Osoppo in northeastern Italy after a fire in late October had increased concerns about limited supplies amid low inventories at the plants.
Published by: Holly ChantFastmarkets.com
