According to market sources, Spanish and Italian rebar offers to the export markets have moved upwards by €15/mt ($16/mt) over the past two weeks to €330-340/mt ($356-367/mt) FOB, for January shipment. Southern European suppliers have increased their export prices following the acceleration of their import scrap purchases. They also report that low-priced Chinese rebar offers have resulted in stiff competition in the global market and so demand for European rebar has declined globally. Meanwhile, Algerian buyers are in no rush to conclude new rebar deals due to approaching New Year, with demand for Italian and Spanish rebar in Algeria currently at weak levels.
€1 = $1.08