Spanish rebar prices have seen a significant increase since the beginning of this week, as local market sources forecast a “…swinging” month for the sector, Kallanish learns from sources in the country.

The Spanish market is starting to recover, despite low domestic demand, mainly driven by the expected confirmation of the issuing of import licences from Algeria.

As reported this week, Algerian media noted that the commerce minister confirmed the licences will be issued by the beginning of next week (see Kallanish 11 July).

The new prices are similar to the high levels seen in February, as rebar offers to customers during the last week increased by some €30-35/tonne ($34.3-40/t). According to sources, this week one of the largest mills in the country is offering rebar at €190/t base ex-works, equating to a transaction price of €440/t delivered.

“The Spanish rebar market started to hike ahead of the re-opening of the market in Algeria,” a merchant says. “Some mills are preparing a further increase of prices during their planed stoppage for maintenance, while other are trying to sell their stock now. Rebar prices could surpass €200/t base ex-works this week, he adds.