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Spanish rebar prices stable on weak euro - 10 October 2011

Rebar prices in Spain are stable at the moment, despite the latest scrap downturn and sustained pressure from weak domestic demand, Steel Business Briefing learns from local sources.

Base prices in the domestic market are still at €300-310/tonne ex-works, with offers going up as much as €320/t ex-works; delivered price are at €550-560/t ($740-754/t).

Offers for exports are currently at €510-520/t fob; in mid-September mills tried to increase these levels towards €525/t fob, but this attempt was only partially successful. One trader mentioned that lots were available at €505/t fob this week, but mill sources denied this possibility.

The weakness of the euro against the dollar has opened further opportunities for Spanish mills in the Mediterranean. Apart from Algeria, Spanish material has recently been sold in Israel and Egypt, SBB understands.

To support prices mills are carefully controlling their production levels. ArcelorMittal already announced the intention to keep production halted at its Madrid plant during Q4, while another company told SBB it may well halt production if the domestic market deteriorates further and the euro appreciates, damaging exports.

The latest rebar index released by the local rebar fabricators' association, ANIFER, showed prices slightly weakening in September, following the year-high registered in July. The current level is in line with the level registered in June, SBB notes.

Spanish rebar index


Source:ANIFER 100=2003

 

1 Oct

31 Aug

31 Jul

Rebar

206.73

209.79

211.33

 

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