Long product producers are making merry amidst subnormal demand conditions with hiked levels. The relentless rally in scrap levels has kept the heat on in this rather lackluster melodrama.
The hike in scrap prices by EUR 10 per tonne over the week has added spice and rebar and mesh quality wire rod have been raised by EUR 20 per tonne and EUR 10 per tonne almost synchronously.
An Italian rebar major is reportedly offered to foreign buyers at EUR 470 per tonne FOB against EUR 460 per tonne FOB a week ago. At the same time domestic offers are prevailing at Euro, which is EUR 480 per tonne EXW. However the buying is still need with minimum inventory.
At the same time depreciating Euro v/s USD has made scenario flowery with imports dearer and exports cheaper.