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.
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.