European valve manufacturers are withdrawing from the market due to rising energy prices
European valve manufacturers have withdrawn their offers from the market due to rising energy prices, in particular for gas, which directly affects electricity prices, Fastmarkets reported on Wednesday, March 4.
According to market sources, gas prices in Europe increased by 30-50% week after week after the escalation of the conflict in the Middle East, which had a significant impact on the international market.
Against the background of fluctuations in energy prices, manufacturers of rolled products either completely withdrew their offers in an attempt to assess new market conditions, or extended some of them for a very short period of time.
"To be honest, I'm a little stunned. Since[Monday]everyone went crazy, everyone stopped selling. In the morning, they[mills]informed me of the prices[on Monday], and five minutes later they called me and said they were no longer valid. I have no idea what's going on, they don't tell us prices or availability," an Italian rebar buyer told Fastmarkets on Tuesday.
"The atmosphere is very similar to what we experienced in 2022, when the war in Ukraine began, when prices rose sharply. At that time, factories reviewed prices several times a day—one price at 8 a.m., another at 10 a.m., and another in the afternoon. There was complete confusion on the market, and within two months prices doubled," said another Italian buyer.
As of Wednesday afternoon, several factories in Italy had submitted offers at a price of 620 euros ($720) per ton, which are limited in duration. Few customers said they could potentially agree to such prices.
However, there has been no information about new deals, as market leader Pittini has not yet announced its offers.
"The problem is that currently no one[producers and retailers]He doesn't want to commit himself, because whoever takes the first step risks losing a month. On the other hand, no one bought anything in February, so in a couple of days we will have to come to terms with the price," said a third Italian buyer.
Meanwhile, in 2026, demand in Italy was limited due to rains and snow, which made it difficult for construction sites to operate and deliver during the winter months. Sources, however, hoped for an improvement in the situation in the spring.
Before the escalation of the conflict in the Middle East, domestic rebar prices in Italy were declining, and a large number of participants reported that in the north of the country, rebar prices available for sale ranged from 550-570 euros per ton from the factory, and in Italy, slightly higher prices of 570-600 euros from the South.
Given such unfavorable conditions, Fastmarkets' weekly price estimate for steel rebar for domestic consumption (exw) in Italy was raised on Wednesday to