According to market sources, Spanish rebar offers to the export markets have remained unchanged over the past week at €305-310/mt ($336-341/mt) FOB, for November shipment. Spanish rebar exporters state that demand for Spanish rebar is still slack in the export markets.
Meanwhile, Italian rebar offers to the export markets have also remained stable in the same period at €305-310/mt ($336-341/mt) FOB, for November shipment. Despite the sideways movement in prices in southern European rebar export offers this week, buyers are still expecting rebar prices to decline in the coming period and so are postponing their purchasing activities.
Market sources state that, following the increases in inquiries for rebar from southern European in Algeria last week, the market has made a quiet start to the current week. Algerian buyers are worried about the increases seen in scrap prices, while exporters find it difficult to conclude rebar sales to Algeria. Market sources state that in the current week demand in Algeria for rebar from southern European is slack.
€1 = $1.10