• Spanish premium drops below $400 per tonne
• Brazilian market pushes higher on more offers
• US spot market remains quiet
• Asia quiet ahead of holidays
Europe mostly quiet; Spain continues to fall
The premium for billet in Spain, delivered duty-paid with 60-day payments, fell to $380-400 per tonne on Friday April 12 from $400-430 per tonne. This is its lowest level since March 2016, and it is down almost 20% since the start of 2019.
“Spain has to keep moving lower, and there is a lot of material that you can get. I was even offered something at $360 [per tonne], but I don’t need it,” a trader said.
Most market participants agreed that deals above $400 per tonne were no longer possible.
One deal was concluded as low as $360 per tonne but this level was not seen as widely achievable in the market yet.
“[A deal for] $360 [per tonne] is madness for...