SteelOrbis has learned from market sources that Spanish mills have cut their domestic rebar prices by €10/mt ($13/mt) as compared to last week to €490-500/mt ($632-645/mt) for deliveries to customer. Activity in the European long steel market has not shown any improvement lately, while uncertainty in the scrap market and weakness in overall demand cause steel producers' profit margins to erode further.
On the other hand, Spanish mills' rebar export offers have remained unchanged since last week at €460-465/mt ($593-600/mt) FOB, while it is reported that a Spanish mill has concluded rebar transactions to Algeria at €495/mt ($639/mt) CFR.
€1 = $1.29