Domestic prices for long products in Europe remained mostly stable in the week to Wednesday, July 15, amid weak demand and limited buyer interest, although domestic rebar prices in Italy declined as factories sought to stimulate demand.
"Weak demand is forcing steel mills to lower prices in an attempt to stimulate the market," a customer source told Fastmarkets.
Market participants reported limited trading activity, which sources described as unusually low even for a summer lull.
"In Italy, construction sites were closed in the afternoon due to the heat, as a result of which production was halved," another customer source told Fastmarkets.
In northern Italy, market participants reported prices of 690-730 euros ($787-833) per tonne from the factory, while in the south, transactions were reported at 730-760 euros per tonne from the factory, with only minor shipments being sold at the upper end of the range.
Fastmarkets' weekly estimate of prices for steel rebar for domestic consumption (exw) in Italy on July 15 was 690-750 euros per ton, compared with 710-750 euros per ton in the previous week.
Fastmarkets' weekly price estimate for rebar steel bars, domestic, supplied from Spain, remained unchanged at 750 euros per ton.
Meanwhile, domestic rebar prices in Germany remained stable and were reported to be 710-730 euros per tonne delivered.
Fastmarkets' weekly price estimate for rebar steel rods supplied to Northern Europe as of July 15 was 710-730 euros per ton, unchanged from the previous week.
During the week, wire rod prices in Europe showed mixed dynamics.
In Southern Europe, prices for wire rod (mesh quality) are reported to be 670-700 euros per tonne delivered.
Fastmarkets' weekly price estimate for domestic steel rod (mesh) supplied to Southern Europe as of July 15 was 670-720 euros per ton, compared with 690-720 euros per ton previously.a week in the USA.
Fastmarkets' weekly price estimate for steel wire rod (mesh quality) supplied to Northern Europe as of July 15 was 705-715 euros per ton, unchanged over the week.
European profiles and beams
Prices for profiles in Europe in the domestic market increased month after month, driven by an increase in transaction volumes across the region.
It was reported about transactions for a steel profile (medium), domestic, with delivery to Southern Europe, at a price of 865 euros per ton.
Fastmarkets' monthly estimate of the cost of steel profiles (medium-sized) supplied to the domestic market of Southern Europe was 800-865 euros per ton, compared with 800-840
