Export prices for wire rod and rebar from the Commonwealth of Independent States (CIS) were broadly unmoved in the week to Monday June 7, with trading activity to key destinations remaining weak, sources told Fastmarkets.
Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), export, fob Black Sea, CIS was at $840-860 per tonne fob on Tuesday, widening from $845-855 per tonne fob a week earlier.
The assessment was based on offers and market participant estimates of achievable prices.
Offers from one Ukrainian producer were heard at $860-870 per tonne fob, largely flat week on week – although the upper end of range was not included in Fastmarkets’ assessment because it was considered “unworkable” by buyers.
“We have no intention of dropping prices in the short term,” a mill source told Fastmarkets.
Offers from Russia, meanwhile, were scarce, with producers preferring to focus on the domestic market, where prices were higher.
Russia-origin wire rod was on offer at $840-850 per tonne fob Black Sea, market participants told Fastmarkets, with one mill heard offering wire rod for export at $830 per tonne fob, although this could not be confirmed by other market sources.
European buyers were largely refraining from making purchases due to uncertainty over safeguard measures against imports in the European Union.
“All CIS mills are giving relatively low [offer] prices, but without any quota, it does not make sense to even consider [them].” an EU source said.
And a second source was also awaiting clarification.
“I’m waiting for the safeguards [before making any bookings],” a second source said.
Buyers were also waiting for more clarity in the steel billet and scrap segments.
“Turkish mills are not buying scrap. The market is all ‘wait-and-see’ [trying] to understand the direction,” a trading source in Turkey said.
Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey was $501.22 per tonne on June 7, flat since June 2.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), export, fob Black Sea, CIS was $760-780 per tonne on Monday, flat week-on-week.
Rebar offers from Ukraine were heard at $780-810 per tonne fob, sources said, but the upper end was not included in the assessment because it was not considered workable by buyers.
Offers from Russian mills were also rare, because producers said exports were “not interesting” at the moment and they instead preferred to focus on domestic sales.
Russia-origin material was said to be available at $760-780 per tonne fob Black Sea, however, sources added.
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