Last week, Spanish rebar producers increased their prices despite the weakness of domestic rebar demand in the country. However, this attempt of Spanish mills have not gained acceptance and producers have had to pull the €20/mt of price increase back to its previous levels. As a result, producers’ prices in the local Spanish rebar market have started to range at $500-510/mt ($570-581/mt) delivered to customer. According to market sources, other reasons for the Spanish producers’ downwards price revision are the declines in import scrap prices and the softening of import rebar offers to the country.
€1 = $1.14