Buyers expect reduced rebar export offers from southern Europe

According to market sources, Spanish rebar offers to foreign markets have weakened by €8/mt ($9/mt) week on week to €410/mt ($463/mt) FOB, as demand has continued to be slack in the global market. However, Italian suppliers have kept their rebar prices unchanged at €415/mt ($469/mt) FOB, despite the sluggish rebar demand.
 
Even though the above offers have not gained much acceptance this week in foreign markets, market players state that new transactions for rebar are likely to be heard next week, especially following the softening of Spanish rebar export offers. However, in Algeria, one of the most important destinations for Spanish and Italian rebar exporters, buyers prefer to postpone their rebar purchases as they consider the offers in question to be unattractive. It is reported that Algerian rebar buyers are looking for prices at €400-405/mt ($452-458/mt) FOB and that they think that scrap prices provide support for these levels.
 
€1 = $1.13