The exemption granted to European Union members from the 25 percent Section 232 tariffs until May 1 was extended by US authorities at the beginning of the current week to June 1, providing a boost to Spanish rebar exporters.
Spanish rebar exporters received low demand from the international markets throughout the past week due to the uncertainties surrounding the exemptions in question. As the Spanish market was closed at the beginning of this week due to the May 1 holiday, Spanish exporters did not receive any demand. However, as of mid-week, US buyers have started to make price inquiries for Spanish rebar. Additionally, demand from Spanish rebar exporters’ traditional market, Algeria, has remained at low levels.
Under the current circumstances, rebar export prices from Spain have moved sideways during the past week at €490-500/mt ($588-600/mt) FOB.
€1 = $1.20