Despite the weakness of demand in the Iberian Peninsula which failed to improve against the backdrop of the Eastern holidays, Portuguese and Spanish rebar producers have increased their prices. Following the mills’ price hikes, domestic rebar quotations in Portuguese and Spain have reached €495/mt ($554/mt) delivered to customer and €490/mt ($549/mt) delivered to customer, respectively. Market sources state that actual deals are concluded below these price levels, adding that current price levels have little chance of gaining acceptance from buyers under the current market circumstances.
€1 = $1.12