According to market sources, Spanish rebar offers to the export markets have declined by €5/mt ($6/mt) on average over the past week to the range of €410-415/mt ($467-473/mt) FOB, for July shipment. Market sources state that Spanish rebar exporters' stocks are at high levels but, due to foreign demand being slack, the market has been quiet in terms of transaction activity in the same period.
Meanwhile, Italian rebar offers to the export markets have also declined by €5/mt ($6/mt) over the past week to the range of €410-415/mt ($467-473/mt) FOB, for July shipment. Market sources state that construction activities in Italian exporters' target markets have slowed down with Ramadan starting today on June 18 and due to hot weather conditions. Accordingly, it is becoming harder for Italian exporters to find interested buyers, also as stocks are on the high side, while in addition exports to North African countries such as Algeria and Tunisia has stagnated.
€1 = $1.14