Stability in southern Europe longs market amid weak demand

Friday, 26 April 2024 16:10:57 (GMT+3)   |   Brescia
       

No concrete changes have been observed yet in the southern European longs market, where Italy is experiencing several production halts between April 25 (Liberation Day in Italy) and May 1 (Workers’ Day), and Greece is awaiting Orthodox Easter on May 5. Sources assessing the market continue to hope for a turnaround in May, but demand remains weak.

Some buyers have confirmed ArcelorMittal’s offers with increases of €20/mt for longs, but there is currently a climate of analyzing the market among various producers in Europe. With the recent conclusion of the Wire fair in Düsseldorf and now awaiting the start of the SteelOrbis Spring 2024 Conference & 90th IREPAS Meeting, to be held in Berlin on April 28-30, operators are evaluating their positions, taking advantage, especially in the case of Italy, of various halts and holidays.

“An increase in price is necessary in my opinion because scrap has recovered and seems to have found some stability, and it seems that there will be no decreases in May,” an Italian source commented.

Ex-Greece offers have been reported at €590/mt FOB for both rebar and wire rod, but operators are waiting for changes after the IREPAS conference and Orthodox Easter.

In the import segment, Turkey is trying to keep prices stable, avoiding offering discounts: current ex-Turkey offers have been reported at €575-585/mt CFR southern Europe for rebar and €585-595/mt CFR for wire rod. Ex-Egypt offers have been reported at around €595/mt CFR for both rebar and wire rod, with shipments in May for rebar and July for wire rod. Ex-Algeria wire rod offers, on the other hand, have been reported at around €565-570/mt CFR. Asia, finally, is offering wire rod at around €570-575/mt CFR.


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