Spanish mills have kept their rebar export prices stable week on week at €470/mt ($522/mt) FOB, while their domestic offers for 12-32 mm rebar are at €490/mt ($544/mt) ex-works. With domestic demand not slack at present, Spanish rebar producers are compensating for the sluggishness in export sales by concluding deals in their domestic market. On the other hand, Africa is currently Spain’s main rebar export market.
Following the US decision to halve duties on imports of Turkish steel from 50 percent to 25 percent, Turkey has become an important competitor for Spanish rebar suppliers in the US market. US import rebar offers from Spain are at $33.50 cwt. ($739/mt or $670/nt) DDP loaded truck at US Gulf ports. However, US buyers are maintaining a cautious stance towards rebar purchases as US domestic scrap quotations for the June-cycle are expected to move sideways and also due to the vulnerable trend of domestic rebar prices in the US given the downward pressure exerted by import offers.
€1 = $1.11