Spanish mills keep domestic rebar prices stable, raise export offers

SteelOrbis has learned from market sources that rebar demand in the Spanish domestic market is still low and local mills have maintained their rebar base prices at €300/mt ($431/mt) ex-works. Due to reduced capacity usage of Spanish mills, supply shortages for some rebar sizes are reported.
 
On the other hand, Spanish mills have pushed up their rebar export offers to €520-525/mt ($747-754/mt/mt) FOB on actual weight basis, up slightly by €5/mt as compared to last week.
 
In the meantime, these producers' offers to the Algerian market stand at €535-540/mt ($769-776/mt) CFR. However, as Algerian buyers are waiting for cargoes from previously concluded transactions to arrive, they are not in any rush to conclude new bookings, considering that they will have sufficient inventory levels. Consequently, rebar demand from Algeria is currently sluggish and, although Algerian buyers are seeking reductions in Spanish mills' offers, the Spanish side is trying to stand firm behind their offers for the time being.
 
€1 = $1.437