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Export prices for Southern European rebar and wire rod have risen by €10 ($13) per tonne this week, market sources have told Metal Bulletin sister title Steel First.
Recent gains in scrap values, compared with their trough in June, have filtered through to the market, the sources explained.
“Producers are trying to increase prices […] mainly because scrap prices are still moving up,” a trader in Spain said on Wednesday July 24.
Prices for rebar exports from Spain, Portugal and Italy are now €450-460 ($595-608) per tonne fob main Southern Europe port, compared with €440-450 per tonne previously.
Buying activity in the market continues to be very slow at the moment; however, as the celebrations of the Islamic holy month of Ramadan mean that there is little or no trade with key markets in North Africa.
“It is still very quiet because of Ramadan, and after that the mills in Southern Europe will be closed down for maintenance,” a trader in Italy said.
Exports of mesh-quality wire rod from Southern Europe are being sold at €460-470 per tonne fob main Spanish, Italian or Portuguese port for production in August, compared with €450-460 last week.
Elfi Middelbeek emiddelbeek@steelfirst.com Twitter: @EMiddelbeek_SF