In the European rebar market over the past week the local Spanish market has been characterized by a calm atmosphere. While base prices in this local market have been at €170/mt, rebar prices have been at around €400/mt delivered to customer. End-user demand in this country has been sluggish; however, it is observed that offers and deals from Spain to Algeria have this week improved. If deals from Spain to Algeria post stability as regards price levels and tonnages, the local Spanish market may gain relief. In the local Spanish rebar market, producers have rolled back their production, thereby reducing the supply to the local market.
Price levels in the Italian domestic rebar market have this week showed no change compared to last week. While base rebar prices in this market have been at €200/mt, rebar price levels have been observed at €415/mt ex-works. End-user demand in Italy has been sluggish, but not as sluggish as in Spain. In recent weeks, rebar export offers from Italy to Algeria have started to appear more frequently, with export offers from both Italy and Spain to Algeria in a range of €370-380/mt CFR Algeria.
Rebar price levels in Bulgaria have this week softened compared to last week, with prices at $500/mt ex-works or delivered to customer depending on the booking. It is heard that there have been export offers from Turkey to Bulgaria this week at $460/mt CFR Bulgaria. While market players state that the negative trend in Bulgaria may continue in the upcoming weeks due to the long-standing nature of the decline in rebar prices in the country, they also remark that, if the downtrend in the Bulgarian market continues, then the Turkish offers at the level of $460/mt CFR Bulgaria are unlikely to be accepted. If the local Bulgarian rebar producers increase their prices, the Turkish offers for this country may become more attractive. End-user demand has been sluggish also in Bulgaria.
In Greece, rebar prices in this local market have declined by €20/mt compared to last week to levels of €440-460/mt delivered to customer. Export rebar offers from Italy to Greece - where demand is not lively at present - have remained at €370/mt CFR Greece.
Rebar price levels in Romania are still on a downtrend. In this local market, rebar price levels have this week been at $550-560/mt ex-works, with end-user demand currently showing sluggishness in this country. Although the stock levels of traders in this country are not so high, the lack of activity in end-user demand has contributed to a softening of the local rebar market.
€1 = US$1.288