Spanish rebar prices are once again stable after some volatility seen during recent weeks, Kallanish learns from market sources. The local market anticipates a new upward correction in the coming days on firm domestic demand.

Two large Spanish mills were forced into two consecutive downward adjustments of domestic prices by around €10/tonne ($11.3/t) in the final days of October as result of movement in the international market. This fall lasted briefly, before levels recovered again by almost the same amount.

"The market saw two weeks of adjustment and then rebound of around €20-25/t,” a local merchant says. “Spanish steelmakers are trying to hike prices now to levels seen in September on firm domestic demand,” he adds.

New higher prices could be registered in Spain before the end of third week of November, another local merchant forecasts. “In this period, it is usual to expect a downward correction in domestic rebar prices, but instead the Spanish market is improving its demand. It is a volatile situation. While we expect a new, slight price increase in Spain in the coming days, in Turkey import prices have slowly moved down,” he adds.

Rebar is currently sold domestically in Spain at €250-260/t ex-works base, equating to a transaction price of €500-510/t delivered.