Following the decline of €15/mt ($22/mt) in scrap prices in Spain, domestic rebar base prices have softened, also due to weak demand, by €5/mt ($7/mt) to €560-565/mt ($806-814/mt) on actual weight basis, for deliveries to customer. Market insiders state that a recovery in demand may not be seen until September due to the summer holiday. On the other hand, Spanish mills have again slightly reduced their rebar export offers, to €515-520/mt ($742-749/mt/mt) FOB on actual weight basis, after attempting to raise them by €5/mt last week. In the meantime, these producers' offers to the Algerian market have also softened by €5/mt week on week to €530-535/mt ($763-765/mt) CFR. However, demand from Algerian buyers is currently sluggish.
Spanish mills' rebar offers to Portugal still stand at €585/mt ($842/mt) on actual weight basis for deliveries to customer and for 60-day deferred payments, despite the scrap price decline of €15/mt ($21/mt) in Spain. In Portugal, although rebar prices have remained unchanged, rebar demand is still low.
In the Greek domestic rebar market, demand is very low and transactions are scarce. However, SteelOrbis has learned that in the Greek domestic market mills' prices for medium size rebar have remained stable at €530-560/mt ($763-806/mt) for 30-day deferred payments, delivered to customer, excluding VAT and on actual weight basis. In the meantime, due to slack demand, some rolling mills have started to offer a 90-day deferred payment option to their customers.
Rebar demand in Bulgaria is at moderate levels. SteelOrbis has learned that domestic rebar prices in the local Bulgarian market stand at BGN 990-1,000/mt ($729-736/mt) ex-works on actual weight basis, exclusive of 20 percent VAT. In the meantime, although the price range seems to have remained unchanged as compared to last week, offers are now on ex-works basis rather than on CPT basis as before, due to higher transportation costs.
€1 = $1.44