Since SteelOrbis’ report on February 28, Spanish rebar export prices have declined by €15/mt on the lower end and by €10/mt on the upper end to €480-490/mt ($595-608/mt) FOB. Market sources state that buyers have exerted pressure on Spanish rebar offers, and, although Spanish steel mills’ production cost have increased in this period, the downward pressure from buyers has had an impact, causing mills to revise their export offers downwards. On the other hand, despite the lower prices, demand for Spanish rebar exports is still at low levels since buyers still consider the export offers to be on the high side.
€1 = $1.24