Confusion and weakness in southern European longs market

Friday, 01 March 2024 14:06:23 (GMT+3)   |   Brescia
       

The longs market in southern Europe is still characterized by a series of challenges and uncertainties, with weak prices and ongoing uncertain demand.

In Italy, the local rebar segment shows a cautious outlook for the month of March, with prices ranging from €320/mt to €350/mt ex-works base depending on the producers (€585-615/mt ex-works including regular extras). Requests remain weak and offers move in a varied range. The lack of real demand prevents a meaningful upturn, but the still relatively high production costs prevent a further drop in prices.

In the case of the local wire rod market in Italy, on the other hand, some steel mills, according to sources, have decided to slightly lower their prices, which average around €680/mt delivered for drawing quality wire rod (down by €10/mt on the upper end). However, no further decline is expected in the short term, again due to production costs. The situation in Spain shows stable prices, with Spanish steel mills maintaining prices at around €630-640/mt delivered for mesh quality.

Turning to the import segment, Egypt continues to offer competitive prices, both for rebar and wire rod, with prices at around €575-585/mt CFR southern Europe, stable week on week. Ex-Turkey rebar offers, on the other hand, have decreased by about €5/mt week on week and are now at €585-595/mt CFR. Ex-Turkey wire rod offers have been reported between €595/mt and €600/mt CFR, down by €10-15/mt week on week.


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