Spanish rebar mills’ price hike fails to gain acceptance in Iberian Peninsula

Spanish rebar mills' price hike fails to gain acceptance in Iberian Peninsula
 
In the Spanish domestic rebar market, local producers last week increased their prices by €20/mt ($26/mt) to the level of €585/mt ($761/mt) on actual weight basis for deliveries to customer. However, finding this price level to be on the high side, as expected Spanish buyers have resisted accepting this price level. Accordingly, although prices have not seen any official drop so far, it is reported that actual transactions are being concluded at the pre-increase price level.
 
This week, Spanish rebar producers have also pushed up their offers to the Portuguese market by €15/mt ($20/mt) to €575-580/mt ($748-754/mt) on actual weight basis, for deliveries to customer and for 60-day deferred payments. Although no transaction has been heard so far at this price range, Spanish producers are hoping to conclude some sales soon. In addition, spot rebar prices in the Portuguese market are standing at about €585/mt ($761/mt). However, amid weak domestic rebar demand in the country, it is thought that transactions may be concluded at lower price levels.
 
On the other hand, after the latest rebar transactions from Spain to Algeria at $720/mt CFR, no new offers have been heard from the Spanish side.
 
Due to the economic uncertainty in the euro zone, buyers in the Iberian Peninsula are still keeping their bookings to a minimum and are adopting a cautious approach as regards new bookings.
 
€1 = $1.30