No sign of improvement in Spanish rebar market

In the Spanish domestic long steel market, producers' rebar quotations are €555-565/mt delivered to customer, on actual weight basis. Demand is still sluggish in the local Spanish market, just as in previous weeks. While listed prices have not been reduced officially, some deals have been concluded below this price range. On the other hand, Spanish mills may shape their prices according to the market situation in Turkey, and so they are keeping a close eye on the Turkish rebar market.    
 
Spain is still one of the most economically depressed countries in the European Union, and rebar demand in the country remains low amid economic contraction and tight liquidity. Rebar buyers in Spain are still adopting a cautious approach towards new purchases.
 
This week, Spanish rebar offers to Algeria are standing at €520/mt ($686/mt) FOB on actual weight basis, though no large order has been heard lately from Algeria, since the Algerian demand has remained quiet similar to previous weeks. In the meantime, Spanish rebar offers to Portugal are at €550-560/mt ($726-739/mt) ex-works on actual weight basis, for 60-day deferred payments. However, Portuguese rebar demand is still fairly sluggish.
 
€1 = $1.32