Spanish mills reduce domestic rebar prices

In the Spanish domestic rebar market, low demand has resulted in softened local prices, a trend also seen in other southern European rebar markets. Accordingly, Spanish mills' domestic rebar prices have softened this week to €550/mt ($770/mt) on actual weight basis, for deliveries to customer. Market sources state that prices may soften further by €10/mt ($14/mt) in the coming days.
 
In the meantime, Spanish mills' rebar export offers stand at €505-510/mt ($707-714/mt) FOB on actual weight basis, declining by €5/mt ($7/mt) on the upper end. However, as the euro appreciates against the US dollar, Spanish mills' rebar offers to export markets are losing their pricing advantage.
 
On the other hand, Spanish mills' rebar offers to Portugal have remained stable in the past week, still standing at €565-575/mt ($791-805/mt) on actual weight basis for deliveries to customer and for 60-day deferred payments. However, due to the ongoing uncertainty surrounding the euro zone economy, rebar demand in Portugal is significantly weak.
 
€1 = $1.4