In the Spanish domestic rebar market, local producers had increased their prices by €20/mt ($26/mt) two weeks ago, bringing their prices to the level of €585/mt ($772/mt) on actual weight basis for deliveries to customer. However, Spanish buyers still resisting acceptance of this price level and, accordingly, although prices have not seen any official drop so far, actual transactions are still being concluded at the pre-increase price level.
In the meantime, Spanish rebar producers have softened their offers to the Portuguese market by about €15-20/mt ($20-26/mt) as compared to last week to €560/mt ($739/mt) on actual weight basis, for deliveries to customer and for 60-day deferred payments, and it is reported that some transactions have been concluded at this price level. In addition, spot rebar prices in the Portuguese market are standing at about €575-580/mt ($759-766/mt) ex-warehouse. However, amid weak domestic rebar demand in the country, it is reported that transactions are also being concluded at lower price levels.
On the other hand, after the latest rebar transactions from Spain to Algeria at $720/mt CFR, Spanish mills' new rebar offers to Algeria are now standing below this price level. Despite this, no transaction has been heard so far at this price level.
Due to the uncertainty surrounding the European economy and bad weather conditions, buyers in the Iberian Peninsula are still restricting their bookings within the scope of their needs, and so rebar demand remains low.
€1 = $1.32