Demand in the local Spanish rebar market has improved over the past seven days, though it has failed to reach lively levels. At the beginning of the current week, domestic rebar prices in Spain declined further by €10/mt to €500-510/mt ($580-592/mt) delivered to customer, gaining acceptance from buyers.
Market sources state that the quota tracking system of the European Union, which was initiated after the decision to impose out-of-quota duties on steel imports, is not very reliable since it only calculates tonnages which have passed through customs. As a result, having estimated that the quota determined for rebar imports is close to being filled, buyers have started to prefer domestic rebar.
€1 = $1.16