SteelOrbis has been informed that buyers in the local Spanish rebar market consider current prices to be at high levels and so they are concluding purchases only in line with their needs. Over the past week, domestic rebar prices in Spain have remained unchanged at €505-510/mt ($611-617/mt) delivered to customer.
It is observed that Spanish rebar producers have been focusing on the US market instead of their domestic market. Market sources state that Spanish rebar producers have started to review their options for the most negative outcome of the temporary exemption from the Section 232 tariff which will end on May 1. SteelOrbis has been informed that Spanish rebar producers are expected to refocus on their domestic market. According to market players, Spanish mills are planning to revise their domestic rebar prices downwards to stimulate demand.
€1 = $1.21