Spanish mills’ rebar offers soften as expected

Uncertainties still prevail in the European economy and the Spanish domestic rebar market is still under the influence of the downward price trend in international markets. Rebar demand in the country is still low, resulting in softened local prices. Accordingly, Spanish mills' domestic rebar prices have softened by €10/mt ($14/mt) this week as expected to €540/mt ($745/mt) on actual weight basis, for deliveries to customer.
 
In the meantime, Spanish mills' rebar export offers now stand at €500/mt ($690/mt) FOB on actual weight basis, compared to €505-510/mt ($697-704/mt) FOB last week. However, Spanish rebar mills' export markets have remained silent.
 
On the other hand, Spanish mills' rebar offers to Portugal have eroded by €10/mt ($14/mt) on the upper end to €565/mt ($780/mt) on actual weight basis for deliveries to customer and for 60-day deferred payments. However, rebar demand is weak due to the lack of large scale construction projects in the country. Market sources state that prices may soften further in the coming days.
 
€1 = $1.38