Ex-CIS wire rod offers get support from Africa

Last week, the low carbon wire rod export offers of CIS producers indicated a decrease of $15/mt, with prices softening to $660-675/mt FOB for May and June shipments. While ex-CIS wire rod offers had been anticipated to soften further after this decline, on the contrary CIS wire rod mills have succeeded in maintaining last week's price levels.
 
While wire rod deals have been concluded from the CIS to other markets at around the lower end of the above price range, some wire rod transactions were concluded to Africa last week at $675/mt FOB and this has helped CIS producers to keep their prices stable. According to market sources, CIS wire rod producers may revise their quotations downward in parallel with Turkish wire rod export offers in the coming days.