The Italian rebar market is quietening down as buyers refuse to purchase and are adopting a wait-and-see attitude. Prices have lost €20/tonne ($24) over recent days in the few contracts that have been agreed, as scrap values are falling in the country, market participants tell Kallanish.

While mills pushed up their values to €350/t base ex-works this month, sales have come to a deadlock. Buyers and agents say this level is no longer achieved. Some contracts for very low tonnages have been agreed at €320-330/t base ex-works.

So far this week, domestic rebar is at €580-590/t ex-works, including €260/t size extras. This is down from last week’s level of €590-610/t ex-works. In February prices are seen reaching the level of €300/t base ex-works as demand is expected to resume in the first week of the month, Kallanish hears.