SteelOrbis has been informed that Spanish rebar suppliers, along with most mills in the European Union (EU), have reduced their export offers. Finding it difficult to attract as much demand as they initially expected, Spanish rebar suppliers have mostly decreased their export offers to €480/mt ($538/mt) FOB, while price offers at €475/mt ($532/mt) FOB are also heard, market sources report.
In the meantime, having significantly increased their sales to the US in the absence of Turkey, Spanish suppliers have reduced their offers to the US from $772/mt DDP loaded truck at US Gulf ports recorded in the first days of the current week to $750-761/mt DDP loaded truck at US Gulf ports - the same levels as Portuguese suppliers’ offers - since demand for import rebar in the US is sluggish and also due to the competition in this market between foreign producers from EU countries such as Spain, Bulgaria, Portugal and Italy.
€1 = $1.12