Southern European longs market stable, difficult to make predictions

Friday, 16 February 2024 13:08:11 (GMT+3)   |   Brescia
       

Prices of local and export offers are stable in the southern European longs market, where it seems that supply continues to exceed demand.

In the local rebar segment in Italy, the ongoing tug-of-war between producers and buyers persists: producers strive to maintain prices within the range of €350-360/mt ex-works (equivalent to €615-625/mt ex-works including regular extras), while buyers seek to negotiate a reduction of €20-30/mt, albeit with limited success. The future price trajectory remains unclear, as stated by an Italian trader: "It is difficult to make predictions, as it has been for months now, due to an abundance of supply compared to demand." Producers, meanwhile, are persisting in maintaining their operations at a reduced pace, with sales progressing gradually, similar to the previous week.

In Italy, the prices of drawing quality wire rod have also remained stable at €680-690/mt delivered, a rate considered "favorable" compared to prices in Germany and Europe overall, according to industry sources. Similarly, in Europe, prices in the range of €670-680/mt delivered have been reported for the same quality.

Export activities have been minimal, particularly for rebar, with ex-Italy offers stable at €610-630/mt FOB, consistent with the previous week.

Regarding imports, Turkey is currently offering rebar at €590-605/mt CFR southern Europe and wire rod at €615-620/mt CFR for shipments scheduled for late February and March, with prices remaining unchanged compared to the previous week. Additionally, offers from Algeria have been reported at €610/mt CFR for rebar during the week.


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