SteelOrbis has learned from markets sources that ex-Spain rebar offers have indicated a decrease of €10/mt ($14/mt) over the last two weeks to €440-450/mt ($598-612/mt) FOB. Demand for Spanish rebar is not so strong, while the strengthening of the euro against the US dollar is creating pressure on export offers, preventing increases in offers.
Algerian demand for ex-Spain rebar is trending in sideways at medium levels while the latest rebar transaction from Spain to Algeria has been concluded at the level of €470/mt ($639/mt) CFR. It is expected that Spanish rebar producers will cut their offers by €10/mt ($14/mt) for Algerian buyers next week. Meanwhile, market players also state that Spanish rebar is facing increased competition in Algeria from Turkish producer Toscelik’s new rebar plant commissioned in the country. Rebar offers from Toscelik’s Algerian unit are reported to be at €440/mt ($598/mt) ex-works and sales are at good levels.
€1 = $1.34
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