Spanish rebar producers’ export offers have remained unchanged over the past seven days at €480-490/mt ($595-608/mt) FOB. The 25 percent import tariffs signed by US President Donald Trump on March 8 within the scope of the Section 232 investigation are expected to come into effect this week, while the international markets are still characterized by a mood of uncertainty following the US decision.
Meanwhile, the further uncertainty resulting from the downward movement of Chinese steel export-prices is still exerting a significant impact on Europe - Spain’s main export market. Additionally, in Algeria - another important export market for Spanish rebar producers - instead of opting for imports, buyers prefer to make their rebar purchases from domestic mills which are able to offer discounts to buyers on the back of their full inventories. As a result, demand for Spanish rebar in Algeria is currently at low levels.
€1 = $1.24