producers of CIS long steel have continued to give discounts to foreign customers amid increased competition, particularly with Turkish suppliers, which reduced prices in the week ended March 26 amid falling scrap costs and a depreciation of the Turkish lira.
*** Wire rod
Wire rod offers from Russia were heard on Monday March 29 within the range of $670-685 per tonne fob Black Sea, depending on supplier. This was against $680-690 per tonne fob reported last week.
A source on the mills’ side from Russia said on Monday that its official offer was $700 per tonne fob, although a number of trading sources said that the price was $670-675 per tonne fob.
Meanwhile, offers from Ukraine were reported within the range of $680-690 per tonne fob, against $690-700 per tonne fob a week earlier.
Prices from the CIS were under pressure from competition with Turkish suppliers. Turkish steel mills were offering similar material at prices around $690-700 per tonne fob, compared with $710-720 per tonne last week, while bids were heard within the range of $675-680 per tonne fob.
Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), export, fob Black Sea, CIS, was $670-680 per tonne on Monday, down from $680-690 per tonne fob last week.
*** Rebar
In the rebar sector, official offers from a Russian supplier were heard at $630 per tonne fob.
A source on the traders’ side said that $620 per tonne was possible because demand for rebar was limited in nearby markets.
Besides that, Turkish rebar was on offer at $620-625 per tonne fob on an actual-weight basis, and at least 200,000 tonnes were heard sold to Southeast Asia at prices around $620-625 per tonne fob late last week.
Market participants reported CIS-origin rebar to be shipped from the Black Sea basin offered to Singapore at $680 per tonne cfr. The estimated cost of freight was at least $60 per tonne.
*** price assessment for rebar
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar) export, fob Black Sea, CIS, was unchanged week on week on March 29 at $620 per tonne fob Black Sea.
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