CIS rebar and wire rod producers had to decrease their asking prices to foreign customers in mid-March because of unsupportive market fundamentals.
*** steel scrap
Falling prices for steel scrap and for iron ore in the week ended March 12, together with insufficient demand for finished long steel products, forced suppliers to cut their offers to attract customers.
Rebar offers from Russian and Ukrainian mills fell to $620-625 per tonne compared with $660 per tonne sought earlier in March.
No bookings had been reported by the time of publication because customers preferred to wait and see whether the downtrend would continue.
*** CIS rebar
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), export, fob Black Sea, CIS, was $620 per tonne on Monday March 15, down from $635-660 per tonne a week earlier.
In the wire rod sector, offers also dropped significantly. Official price indications for Russia-origin material were heard as low as $710 per tonne fob Black Sea, compared with $740 per tonne fob reported a week earlier.
No official offers from Ukraine had been heard by the time of publication.
Several markets participants said that prices lower than $700 per tonne fob could be achieved from some Russian mills due to the gap in production, while $700 per tonne fob could be achieved from Ukrainian suppliers.
Several European traders, however, said that a price of $700-710 per tonne fob would be workable in Europe.
*** steel wire rod
Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), export, fob Black Sea, CIS, was $700-710 per tonne on Monday, down from $705-740 per tonne fob last week.
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