Buyers continue to exert pressure on global rebar prices. Accordingly, Spanish rebar producers have cut their export offers by €5/mt week on week to €455-460/mt ($519-524/mt) FOB. Market sources report that buyers’ firm bids for Spanish rebar have also decreased by €5/mt week on week to €445-450/mt ($507-513/mt) FOB.
On the other hand, price inquiries received by Spanish rebar suppliers are mostly from Algeria. Meanwhile, import rebar offers to the US from Spain are now at $728/mt DDP loaded truck at US Gulf ports. According to market sources, US buyers are waiting on the sidelines for now due to the ongoing decreases in import rebar prices and are keeping a close eye on prices.
Meanwhile, domestic rebar prices in Spain have decreased by €15/mt week on week to €470-475/mt ($536-542/mt) ex-works as a result of the downward pressure on prices. The maintenance works of some Spanish mills due to start in July are expected to last for three weeks. Accordingly, some Spanish rebar producers will be out of the market in July.
€1 = $1.14