Having remained out of the market in the days following the Easter holiday, players in the Spanish rebar market have fully resumed their activities in the current week. Demand is still at low levels in the local Spanish rebar market, while steel mills are focusing on their export markets amid better sales.
Due to lower production costs against the backdrop of the declines recorded in domestic scrap prices during the past week, Spanish rebar producers have reduced their domestic prices by an average of €15/mt week on week to €505-515/mt ($621-633/mt) delivered to customer. Market sources state that buyers in the local Spanish rebar market still consider this range to be on the high side, though Spanish mills are not considering any additional reduction in their local prices because of the demand they are receiving from the export markets.
€1 = $1.23