Domestic demand received by Spanish rebar producers has revived slightly over the past two weeks and is currently at decent levels. On the other hand, market sources state that Spanish mills will halt production during their traditional summer holidays in July which usually continue for two to four weeks. According to market sources, Spanish rebar producers’ inventory levels have started to decrease, and hence tight availability is observed in the local Spanish rebar market. Also, higher domestic scrap prices in Spain have provided support for the upward movement of domestic rebar prices. Under these circumstances, Spanish rebar producers have increased their domestic offers by an average of €20/mt over the past two weeks to €490-500/mt ($573-585/mt) delivered to customer.
€1 = $1.17