A generally stable situation has been recorded in the southern European longs market, where offers have remained unchanged and no further drops are expected in the near future.
Italian producers are showing determination in asking for higher prices. Current local rebar offers have settled at €350-360/mt ex-works base (€615-625/mt ex-works including regular extras), but orders have been closed at around €340/mt ex-works base (€605/mt ex-works including regular extras). According to some sources, prices are expected to remain stable or increase slightly in the coming weeks since scrap prices are not showing signs of a decline.
Local offers in Spain have also been stable, with local mesh quality wire rod still reported at around €610/mt DAP. Ex-Greece export offers have been reported at €585-610/mt FOB for rebar and wire rod, stable compared to last week.
Regarding the import segment, ex-Turkey offers have been reported at €570/mt CFR southern Europe for rebar and €580/mt CFR for wire rod, which are down by €5/mt due to the fluctuation of the euro-dollar exchange rate, but have remained stable on dollar basis. Ex-Egypt offers have been reported at €565/mt CFR for rebar and €575/mt CFR for wire rod. Finally, ex-Asia wire rod offers have been stated at €535-550/mt CFR.