Metal Bulletin’s weekly domestic price assessment for rebar in Southern Europe was €475-500 ($559-588) per tonne delivered on Wednesday, down from €480-500 per tonne on June 6.
Italian mills are lowering their offers amid competition to secure orders because of the low demand, market participants said.
“Turkey now faces the same 25% duty for exports to the United States. [This increased competition] means that Italian mills will produce less for export to the US, so the focus will be more on the domestic side,” one buyer in the region said.
“We hope for a further price drop. There is no chance of a price increase in the near future,” he added.