European rebar mills return from holiday with competitive prices

After the long New Year holiday which ended this week, European rebar producers have returned to the market with competitive prices.
 
Italian mills' rebar export offers, which were standing at €510-520/mt ($648-660/mt) FOB before the holiday, have increased by €10/mt ($13/mt), reaching €520-530/mt ($660-673/mt) FOB. Despite this price increase, the weakening of the euro against the US dollar, with the exchange rate regressing to 1.27, has increased the competitiveness of Italian prices.
 
On the other hand, SteelOrbis has learned from market sources that Spanish rebar offers to the Yemeni market are now standing at €520-530/mt ($660-673/mt) FOB. It is reported that Yemeni buyers are now assessing these price offers, which are fairly advantageous as compared to Turkish offers on the US dollar basis. It is also thought that European buyers may have a good opportunity to conclude bookings with these competitive prices.
 
In the meantime, apart from the mainstream offer levels, SteelOrbis has further learned that some rebar transactions from Europe to the Middle East have been concluded at €510/mt ($648/mt) FOB.
 
€1 = $1.27