According to market sources, Spanish rebar offers to the export markets have remained unchanged over the past week at €315-320/mt ($337-342/mt) FOB, for December shipment. Meanwhile, Italian rebar offers to the export markets have declined by €5/mt ($5.4/mt) in the same period to €315-320/mt ($337-342/mt) FOB, for December shipment.
Market sources state that buyers in Algeria- Spanish and Italian exporters' most important rebar market - increased their inquiries last week, while demand in Algeria is at weak levels this week. Algerian buyers were reluctant to conclude new rebar deals in light of the recent downward trend seen in rebar prices. However, last week the downtrend in rebar prices came to a halt and Algerian buyers started to conclude new bookings. In the current week, transaction activity in Algeria has slowed down once again with buyers not in any rush to do business due to their year-end considerations.
€1 = $1.07