According to market sources, Spanish
rebar offers to foreign markets have weakened by €8/mt ($9/mt) week on week to €410/mt ($463/mt) FOB, as demand has continued to be slack in the global market. However, Italian suppliers have kept their
rebar prices unchanged at €415/mt ($469/mt) FOB, despite the sluggish
rebar demand.
Even though the above offers have not gained much acceptance this week in foreign markets, market players state that new transactions for
rebar are likely to be heard next week, especially following the softening of Spanish
rebar export offers. However, in Algeria, one of the most important destinations for Spanish and Italian
rebar exporters, buyers prefer to postpone their
rebar purchases as they consider the offers in question to be unattractive. It is reported that Algerian
rebar buyers are looking for prices at €400-405/mt ($452-458/mt) FOB and that they think that scrap prices provide support for these levels.
€1 = $1.13