Even though buyers were resisting the higher prices for now, sources tended to believe that an increase would be accepted eventually.
“Production costs are up by €120-170 [$139-196] per tonne of steel, and will rise further. This is not speculative,” a mill source in Italy said.
Fastmarkets’ assessment of the price for steel reinforcing bar (rebar), domestic, delivered Southern Europe
, was €730-750 ($843-866) per tonne on Wednesday, up by €10-20 per tonne from €720-730 per tonne the previous week.
Producers in Spain and Italy were slowing their production to reduce energy consumption, Fastmarkets heard.
“We stop work during peak hours, and reduce shift lengths,” one...