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S Europe rebar sellers try to hike September shipment prices - 2 August 2012

Sellers of rebar in southern Europe are trying to carry out increases of up to €20/tonne ($24.6/t) for September shipment sales compared with those made in the mid-July spot market, market participants have told Platts Steel Business Briefing.

Two major producers in Spain were looking to push rebar above €500/t fob, with one having achieved good volumes of sales in recent weeks to Brazil and Israel when the euro was weaker against the US dollar. Only a Lebanese buyer was heard considering two offers at Eur485/t fob Seville mid-week.

Consistently strong scrap prices in Spain are one reason for the hike, although Spanish rebar (along with other eurozone suppliers) has been more competitive than Turkish or CIS material in markets such as Lebanon in the last few weeks, due to currency advantages (and an existing duty advantage).

Italian rebar offers for September were at €490-495/t fob, while Greek offers towards Cyprus and Lebanon were seen at €500/t fob mid-week. These increases will ease the pressure on Turkish and Black Sea rebar further, especially as the euro has strengthened in the last week.

Due to the recent currency advantages, mills in Italy and Spain are likely to keep their production lines running for longer than initially expected in August, having pulled off some good orders to regional markets.

 

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