On Wednesday, October 21, rebar prices in Italy remained stable. Manufacturers tried to increase them due to high energy and fuel costs, but weak demand held back growth. At the same time, strikes by truck drivers in the south of the country disrupted logistics, Fastmarkets sources said during the week.
In Northern Italy, deals and prices acceptable to buyers were €730-760 per ton from the factory. One of the interlocutors expected that due to the rise in energy prices, prices would rise to €770 per ton, but this level has not yet been confirmed by transactions.
"The northern market is trying to raise prices to €770 per ton, mainly due to rising energy and production costs. But, as far as I know, no significant deals have been concluded at this price yet," a buyer's representative told Fastmarkets.
"The constant increase in energy and transportation costs is pushing the market to further increase prices in November," a seller's representative told Fastmarkets.
"Manufacturers intend to raise prices further: high energy and fuel costs continue to exert strong pressure. But buyers don't share these sentiments," a trader told Fastmarkets.
Weak demand continued to make it difficult for manufacturers to achieve higher prices.
"Demand is very low right now, and almost everyone is making do with inventory that is already in stock," another customer representative told Fastmarkets.
In southern Italy, the latest deals and offers during the week were in the range of 750-780 euros per ton from the factory. There were also offers for €790-800 per ton, but there were no deals at these levels.
According to market participants, strikes by truck drivers have complicated transportation to the south of the country.
"Recent protests and strikes on transport in the south, related to high fuel and energy prices, as well as the general increase in the cost of living, have seriously disrupted traffic on the roads. Delivery has slowed down noticeably over the past few days," a customer representative told Fastmarkets.
At the end of the week, Fastmarkets' estimate for domestic-made fittings delivered from a factory in Italy did not change and on October 21 amounted to €730-780 per ton.
Fastmarkets' estimate for domestic-made rebar with delivery in Spain also remained at €750 per tonne on October 21.
In Northern Europe, the latest rebar deals and offers were €680-700 per ton with delivery. Market participants called the range of €660-680 per ton acceptable.
A representative of one of the manufacturers also reported on the limited availability of products in Germany.
Therefore, Fastmarkets' weekly estimate for domestic fittings with delivery to Northern Europe on October 21 was €660-700
