Southern European rebar export prices have remained unchanged for the second consecutive week to encourage sales from Algerian consumers.
Spanish and Italian producers have sold rebar at €510-515 ($670-680) per tonne fob main EU port for May production and shipment. Prices have been steady since last week
, according to European market participants.
“It’s still €510 fob from Italian mils. We’ve had enquires from Central Africa for small tonnages. There was a deal to Algeria at €510 fob,” a trader in Italy said.
“Algeria is still the main market. Nigeria was enquiring about rebar prices but there wasn’t a sale. The export market is still weak,” she added.
Domestic demand in Italy and Spain continues to be poor, driving producers to focus on exporting.
“The prices are correct and Algeria is the only main market. [Consumers are buying] quantities of 3,000-5,000 tonnes,” a trader based in Istanbul said.
Some European market sources have suggested demand in Algeria could be easing.
“Algeria has recently received a lot of material, so now the market is relaxing and demand is softening. Prices are expected to fall if the Algerian market continues to weaken,” a trader in Spain said.
Southern European wire rod prices held at €520-530 ($685-700) per tonne fob main EU port for May production. Prices remain unchanged from last week
, traders said.
Exports continue to be the main focus for wire rod producers, in the light of scant domestic demand in Europe.