Demand in the international rebar market has been sluggish in the current week due to the Ramadan holiday in the Middle East region and some North African countries. As a result, Spanish rebar producers have reduced their rebar export offers by €5/mt on the lower end week on week to €465-470/mt ($521-526/mt) FOB.
Meanwhile, SteelOrbis has been informed that domestic rebar prices in Spain have also moved down in parallel with the offers given to the international markets, decreasing by €5/mt week on week to €485-490/mt ($543-549/mt) ex-works. It is also heard that lower prices are available for actual sales.
In the meantime, Spanish rebar quotations in the US are still at $739/mt DDP loaded truck at US Gulf ports.
On the other hand, according to a White House statement, the US President Donald Trump said that starting on June 10, the United States will impose a 5 percent tariff on all goods imported from Mexico. US buyers are waiting for the new Mexican rebar export offers as well as Turkish mills return to the market after the Ramadan holiday, and so they have adopted a wait-and-see stance in the current week as regards new purchases from Spain.
€1 = $1.12