Spanish steel mills’ domestic rebar prices have declined by an average of €5/mt during the past week and are now at €520-530/mt ($640-652/mt) delivered to customer.
Demand received from Spanish rebar buyers has been at low levels for some time now, causing rebar inventories of domestic producers to move up. As a result, Spanish rebar producers have reduced their domestic rebar prices over the past week to stimulate their sales. Although the new price range is still considered to be on the high side by buyers, the production costs of Spanish producers have not declined considering current global raw material quotations, and so they are not in a position to reduce their domestic rebar prices further.
€1 = $1.23