Spanish rebar mills retract recent price hike

Friday, 17 February 2012 16:29:36 (GMT+3)   |  
       

This week, Spanish rebar mills rescinded the price hike they had announced in mid-January, since they failed to gain acceptance in their domestic market for their higher prices.
 
As SteelOrbis previously reported, in mid-January Spanish mills had increased their domestic rebar prices by €20/mt ($26/mt) to €585/mt ($772/mt) on actual weight basis, for deliveries to customer.
 
However, in the weeks following the increase, due to the ongoing instability in the European economy and adverse weather conditions, rebar demand in the country remained sluggish and, although mills had not reduced their prices officially, transactions continued to be concluded at pre-increase levels. Nevertheless, buyers' resistance has caused the mills to take a backward step this week and so rebar prices have again regressed to €555-565/mt ($733-746/mt) on actual weight basis, for deliveries to customer.
 
On the other hand, Spanish mills' rebar export offers have been at €500-510/mt ($660-673/mt) FOB this week, though they face difficulties in attracting demand for these offers. In the meantime, Portugal-based Spanish rebar producers' rebar offers to the Portuguese domestic market are at €550/mt ($726/mt) ex-works on actual weight basis, for 60-day deferred payments, while rebar market prices are at the same level in Portugal, but this time on ex-warehouse basis. However, amid weak domestic rebar demand in the country, it is thought that transactions may be concluded at lower price levels.
 
This week, no offers have been heard from Spain to Algeria, as Algerian rebar demand has remained fairly weak.
 
 €1 = $1.32

Similar articles

US import rebar prices become softer

24 Apr | Longs and Billet

Turkish longs mills try to avoid export discounts, sales challenging

24 Apr | Longs and Billet

UAE’s ESA issues stable rebar price for May amid higher stocks

24 Apr | Longs and Billet

Major steel and raw material futures prices in China – Apr 24, 2024 

24 Apr | Longs and Billet

Major steel and raw material futures prices in China - April 23, 2024

23 Apr | Longs and Billet

Indian local rebar prices post decline in some regional markets as previous rises were too fast

23 Apr | Longs and Billet

Turkish domestic rebar spot market makes quiet start to week

22 Apr | Longs and Billet

Local Chinese longs prices rise further, but at slower pace

22 Apr | Longs and Billet

Major steel and raw material futures prices in China - April 22, 2024   

22 Apr | Longs and Billet

Shagang Group raises local rebar prices by $7 for late April

22 Apr | Longs and Billet