The Spanish rebar market foresees a recovery in prices during the coming weeks and expects the market to remain firm in March, Kallanish notes.

According to sources, prices have reached the highest level for the last three months by the end of February. The good momentum in local demand has been supported during the last month by growth in construction activity. It has also benefited from the issuing of new licences for public works by the Spanish government before the general elections in the country which are set for the end of April.

“The latest increase in prices was by €10-15/tonne ($11.3-17.0/t) and the market is confident that current levels should hold. Local large mills have filled their order books for the next month and will therefore maintain the rebar prices firm,” says one market source.

The monthly index for Spanish domestic rebar prices in February remained stable over the previous month, according to data published by the Spanish Chamber of Commerce. The index was -4.05% lower year-on-year and stood at 106.54 in the second month of 2019. It is based on a value of 100 in 2014.

Rebar is currently sold domestically in Spain at €235-240/t ex-works base, equating to a transaction price of €485-490/t delivered.