Wire rod demand shows no improvement in international markets

In the Italian domestic market, wire rod prices have decreased by about €15-20/mt ($20-26/mt), with prices of mesh quality wire rod declining to €520-530/mt ($681-694/mt) and drawing quality wire rod prices dropping to €535-545/mt ($701-714/mt), both ex-works and on actual weight basis. In the meantime, Italian mills' mesh quality wire rod export offers are standing at €525-535/mt ($688-701/mt) FOB, on actual weight basis, for shipments in early February. However, no transaction has been concluded at this price range so far. Meanwhile, in recent days a huge strike by Italian truck drivers has almost caused trade to grind to a standstill in the country, resulting in reduced production at some plants.
 
This week, CIS producers' low carbon wire rod offers to export markets stand at the price range of $670-680/mt FOB on actual weight basis and for February rolling, softening by $10/mt as compared to last week. However, some transactions are being concluded at lower prices.
 
In the Bulgarian domestic long steel market, producers' mesh and drawing quality wire rod prices have remained unchanged as compared to last week at BGN 1,040-1,050/mt ($697-704/mt) delivered on actual weight basis, exclusive of 20 percent VAT. Demand has remained sluggish again in the Bulgarian market and market players expect no significant improvement in the coming days.
 
In the meantime, in the Indian domestic long steel market traders' mesh quality wire rod prices are at INR 41,500/mt ($842/mt) ex-warehouse, excluding local taxes.
 
Finally, SteelOrbis has learned that towards the end of last week some SAE 1008 wire rod transactions from the UAE to Saudi Arabia were concluded at $725/mt ex-warehouse.
 
Finally, SteelOrbis has learned that towards the end of last week, some SAE 1008 wire rod transactions from the UAE to Saudi Arabia have been concluded at $725/mt ex-warehouse.