Rebar prices in Italy decreased by around €50/tonne ($53) compared to the beginning of the month.
Since the Made in Steel fair in Milan earlier this month, major buyers said they had observed a sluggish market with no demand.
The whole market now feels that strong price decreases are necessary to ensure the "normalisation" of activity at more reasonable prices.
Rebar consumption in Italy is said to have decreased by as much as 70 per cent since the end of last year.
Buyers have been realising base prices of €380-410/t in their deals over the past few days. When dimensional extras are included, local prices are hovering around €640-670/t ex-works.
According to sources, straw averages €500-510/t ex-works on average, or €800-810/t ex-works including €300/t of size extras.
Prices are expected to decrease significantly again this week.
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