Over the past week, most buyers in the local Spanish rebar market have been absent due to the approach of the Christmas and New Year holidays, while other local buyers have been unwilling to make bookings to replenish their stocks before the holidays. Since only 11.9 percent or 85,523 metric tons of the quota of 714,964 metric tons imposed by the European Commission on rebar imports remains unused, Spanish buyers have been cautious about importing rebar and have met their needs from local producers instead. This situation has prevented domestic rebar prices from softening, despite the weakness of demand. As a result, prices in the local Spanish rebar market have remained stable week on week at €500-510/mt ($565-567/mt) delivered to customer.
€1 = $1.13