Spanish mills halt their rebar price decreases despite still low demand

Although rebar demand in the Spanish domestic market is still low, the price declines now seem to have halted. Accordingly, Spanish mills' domestic rebar prices have remained unchanged as compared to last week at €535/mt ($722/mt) on actual weight basis, for deliveries to customer.
 
In the meantime, Spanish mills' rebar export offers now stand at €490-500/mt ($662-675/mt) FOB on actual weight basis, compared to €500/mt ($675/mt) FOB last week. Although Spanish rebar mills' export markets have remained silent in general, inquiries from Algeria have lately increased in volume, with some transactions concluded.
 
On the other hand, Spanish mills' rebar offers to Portugal have decreased by €10/mt ($14/mt) as compared to last week to €540-545/mt ($729-736/mt) on actual weight basis for deliveries to customer and for 60-day deferred payments.   However, since rebar demand in Portugal is significantly weak, further price cuts are expected in the coming days.
 
€1 = $1.35