According to market sources, Spanish rebar offers to the export markets have decreased by €5/mt ($6/mt) on the low end over the past week to €300-310/mt ($327-338/mt) FOB, for December shipment. Market players state that Spanish buyers are accepting foreign buyers’ firm bids in order to conclude deals, while demand for Spanish rebar is weak. In this context, Spanish exporters have concluded some rebar sales to Algeria, their most important rebar export market, by accepting buyers’ firm bids which were at €300/mt ($327/mt) FOB.
Meanwhile, Italian rebar offers to the export markets have increased by €15/mt ($17/mt) in the same period to €320-325/mt ($349-355/mt) FOB, for December shipment. Italian exporters state that local steel mills have cut production since domestic scrap prices have not decreased to favorable levels and so they are not planning to reduce their prices yet. Accordingly, Algerian buyers are not interested in rebar offers from Italy at present.
€1 = $1.09