CIS wire rod suppliers head towards European markets

According to market sources, CIS wire rod export offers have indicated no changes over the past week, remaining at $550-560/mt FOB Black Sea. Meanwhile, CIS wire rod offers for Europe are also stable since last week and are still in the range of $590-600/mt DAP.
 
Chinese wire rod suppliers have continued to make aggressive offers especially for the North African and the Middle Eastern markets, weakening the CIS mills' position. Demand for CIS wire rod in the Middle East has slackened due to the influence of Ramadan, and so CIS wire rod mills have started to focus on Europe.