It is observed that Spanish rebar export prices have remained stable during the past week at €490-500/mt ($568-580/mt) FOB. On the other hand, some Spanish producers are running maintenance works due to traditionally slow summer season, and so number of Spanish rebar export offers has declined.
Additionally, the European Commission (EC) has announced its decision to impose provisional safeguard measures on 23 steel product categories, including rebar, hot rolled products and steel pipes, in the form of a 25 percent out-of-quota tariff. The provisional measures came to effect for 200 calendar days beginning today, July 19. Although the effects of the protective measures has not been felt in the Spanish rebar market yet since this is only the first day and also due to summer slowdown, Spanish steel mills’ are expected to increase their domestic prices in the coming period. As a result, Spanish rebar export quotations are expected to move up with the support provided by the local Spanish rebar market.
€1 = $1.16