Limited availability of steel wire rod and low stocks at buyers pushed the price of the commodity upward in the south of Europe in the week to Wednesday November 4, sources have told Fastmarkets.
The key factor supporting the rise in wire rod prices was tight supply in the market, they said.
Fastmarkets' weekly price assessment for
steel wire rod (mesh-quality), domestic, delivered Southern Europe, was ?,?480-490 ($561-573) per tonne on Wednesday, up from ?,?470-485 a week before.
The assessment was based on deals, offers and achievable price heard in the market over the past seven days.
Italy
In Italy, wire rod was mainly trading at ?,?480 per tonne delivered this week, narrowing from ?,?470-480 per tonne week on week.
Sources told Fastmarkets that Italian mills' price for new orders of wire rod was a...