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Spanish rebar falls again, rises seen in December - 22 November 2011

Rebar prices in Spain have fallen again over the last two weeks, as scrap levels have decreased and demand remains muted, Steel Business Briefing learns from market sources.

In the domestic market, rebar is currently being sold at a base price of €270/tonne ($364/t) ex-works, equivalent to a delivered price of €510-530/t. While mills in the country are still trying to offer their new production at a base price of €280/t ex-works, stockists in the country are selling at as low as €260/t ex-works. The main pressure is said to be coming from scrap, which has not recovered yet.

While demand is expected to remain subdued for some time, rebar prices could pick up ahead of seasonal stoppages at mills. From 15 December, most rebar producers in Spain are expected to shut down production for two to four weeks. "Some producers are already announcing new base prices from 1 December at €290/t ex-works," a market participant comments, stressing a recovery is likely before the end of the year.

Meanwhile, the downward pressure on domestic prices is also affecting export offers to Algeria and other international markets. The latest transactions registered from Spanish mills have been at €480-495/t fob, SBB understands.

 

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