Steel producers expect price increases in the Southern European rebar market in the week to 7 June due to a slight improvement in demand.
Southern European wire rod market, on the other hand, continues to decrease.
Local rebar prices out of Italy were quoted at €665-685 ($711-733) per tonne on Wednesday, unchanged from the previous week.
Nevertheless, improving demand in the Italian rebar market has renewed optimism among market participants, with some sources predicting price hikes throughout June.
The daily price of HMS 1&2 (80:20 blend) steel scrap index for Northern Europe was $384.45 per tonne on 7 June, up from $376.83 per tonne last week.
In the Spanish rebar market, prices were flat while buyers maintained a wait-and-see stance.
The price assessment for rebar for local delivery in Spain was €665-685 per tonne on Wednesday, unchanged from the previous week.
The price estimate for steel wire rod (wire mesh grade) for Southern Europe delivery was €590-620 per tonne on Wednesday, down €10-30 per tonne from last week's €620-630 per tonne.
Market participants maintained their bearish sentiment in the Southern European market.
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