EUROPE REBAR: Prices rally to new highs, sentiment remains upbeat

Domestic prices for steel rebar across Europe have increased sharply since the new year holidays, pushed by surging scrap costs and shortages, but buyers were in no hurry to accept increases, instead waiting for a clearer market picture to emerge, sources told Fastmarkets on Wednesday January 13.

Southern Europe
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Southern Europe, was €610-620 ($742-754) per tonne on Wednesday, up by €20-25 per tonne from €590-595 per tonne last week. The price was now at its highest since August 2008.
The assessment was based on deals, offers and achievable price heard in the market over the period under review.
Italy
In Italy, producers pushed offer prices to €575-585 per tonne ex-works (€610-620 per tonne delivered) over the week, up by some €20-25 per tonne in the past seven days, while some mills withdrew their offers and were expected to increase prices even further.
Buyers were surprised by such sharp increases and preferred to hold back, so trading activity was rather slow over the assessment period.

Published

Julia Bolotova

January 13, 2021

15:35 GMT

Dnipro