Domestic prices for long products in Europe remained unchanged in the week to Wednesday, July 1, with weak demand continuing to restrain price increases across the region.
"All manufacturers are reducing production for several weeks to ensure that supply meets demand," a sales source told Fastmarkets.
Market participants attributed the uncharacteristically low demand for this time of year to the ongoing heat wave across Europe, a shortage of housing and construction projects, as well as high prices.
"Unfortunately, demand is not improving and may slow down further," a customer source told Fastmarkets.
In Italy, the market price for rebar from the factory was 710-770 euros (810-878 dollars) per ton, depending on the region, and buyers maintained a wait-and-see attitude, while transactions continued within the established limits.
In northern Italy, the market price remained at 710-730 euros per tonne per plant, while prices in the south were reported at 750-770 euros per tonne per plant, although no significant shipments were sold at the upper end of this range.
Fastmarkets' weekly price estimate for rebar steel bars produced in Italy remained unchanged on Wednesday at 710-750 euros per ton.
In Spain, Fastmarkets' weekly estimate for rebar steel bars, domestic, supplied to Spain, was stable at 750 euros per ton.
Domestic prices for rebar in Germany also did not change and amounted to 710-730 euros per ton with slight fluctuations in the market.
Fastmarkets' weekly price estimate for rebar steel rods supplied to the domestic market in Northern Europe remained unchanged a week before Wednesday and amounted to 710-730 euros per ton.
Wire rod prices followed the general trend of rising long products prices across Europe and remained stable during the evaluation period.
Weekly steel price assessment on Wednesday, the price of re (mesh quality) rods supplied to the domestic market in Northern Europe remained unchanged at 705-720 euros per ton.
In Southern Europe, according to sources, the price of wire rod is about 690-720 euros per ton delivered.
Fastmarkets' weekly price estimate for steel wire rod (mesh quality), domestic, supplied to Southern Europe, did not change and amounted to 690-720 euros per ton.
Author: Niya Radenkova
Fastmarkets.com
