In the early weeks of 2024, steel products, especially long products, were stable across Europe. However, in late February and early March, the global steel industry experienced fluctuations due to factors such as volatility, buyers' reluctance to restock and reduced demand. Later on, demand improved, especially with an increase in activity in the construction sector, sources noted.
As for Spain, rebar [12-32mm] prices followed a flatter path throughout 2024, although they were subject to changes in line with the general trends in international markets. Prices increased from a new level of EUR 595 to EUR 633 and remained stable at this level as the uptrend continued. Sources reported, however, that this led to difficulties in increasing sales margins to the desired levels, and in the second week of February, 12-32mm experienced a short-term decrease to trade at EUR 600.
Long product demand was lower than expected
According to SteelRadar, despite increased activity in the construction sector, demand for long products from small-scale consumers and end-users has been lower than expected and by mid-March, order books were full, which was seen as a positive development, with an increase in demand, especially from private construction companies. Nevertheless, some companies in Northern Spain expressed their concerns about the delayed government decisions on industrial development and major infrastructure investments, highlighting the uncertainty in the sector. This increased uncertainty about the future of the sector and affected companies' planning processes, preventing significant price changes. Most recently, prices stabilized at EUR 605 with an increase of EUR 5 in the last week of February.
[12-32mm] Rebar maintained the EUR 605 level in Spain throughout March due to the lack of expected project approvals from the government, and entered April at the same level, staying unaffected by the decreases in steel prices across Europe due to the positive demand figures.
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