The mobility in the European rebar market continues to decline.
There is no demand from customers, although producers have lowered prices to stimulate the market.
Rebar prices in the local Italian market were €885-925 per ton last week, down €10-30 compared to the previous week.
According to the experts, some construction projects were postponed while others were canceled due to rising interest rates, high inflation and stagnant demands in the market. The fact that buyers waited for prices to drop further before making new stocks reduced the mobility in the market.
Imported stocks purchased by a large Italian trader in Turkey were sold at €50-60 per tonne lower than local production. However, overall import demand remained low due to security risks, delivery times and falling prices in the domestic market.
Producers have been hesitant about discounting due to rumors that international scrap prices will rise soon. The demand in the market is not expected to increase until the first months of 2023.
Prices in the Spanish rebar market remained stable last week. However, as in Italy, market activity is heavily impacted by the weak demands. Rebar prices in Spain continue to be flat in the range of €800-850 per ton.
It seems that the falling scrap prices will continue to affect negatively the world steel markets.
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