Spanish suppliers adjust rebar export offers, demand remains stagnant

SteelOrbis has learned from market sources that Spain's rebar export offers have continued to rise in the past week. Accordingly, Spanish rebar export offers have increased by €5/mt ($7/mt) as compared to two weeks ago, reaching €440-450/mt ($576-589/mt) FOB.
 
Higher scrap prices and rebar supply shortages in the market have led Spanish mills to push up their rebar prices, while market sources have told SteelOrbis that demand from buyers at these price levels is on the low side. The approach of the summer holiday has contributed to the sluggishness of the market. However, the weakening of the euro against the US dollar has supported the uptrend of rebar prices.
 
The transaction price for ex-Spain rebar to Algeria is heard to be standing at €465/mt ($609/mt) CFR for shipments in August, indicating an increase of €10/mt ($13/mt) as compared to last month's transaction prices.
 
Business activity in Spain's rebar export markets is expected to remain subdued in the coming period and Europe's rebar export markets are foreseen to witness increased activity only after the summer.
 
€1= $1.31