SOUTHERN EUROPE WIRE ROD: Prices stable in cool market

Domestic prices for steel wire rod in the south of Europe were stable or slightly lower in the week to Wednesday July 14, while trading activity was rather cool because buyers were abstaining from bookings, expecting prices to correct downward in August, Fastmarkets has heard.

Producers, meanwhile, were in no rush to reduce their prices, citing good order books, high feedstock costs and reduced availability of wire rod because of planned maintenances.
"We heard that many buyers have expectations of a decline in prices, which in my opinion are unjustified," a mill source in the region said.
Fastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Southern Europe, was ?,?830-870 ($982-1,029) per tonne on July 14, widening downward from ?,?840-870 per tonne last week.
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