Northern Europe wire rod prices steady, expectations for increases growing

Northern Europe wire rod prices remained stable as the European market remained stable. Low demand continued to be seen, while drawn wire rod is trading at €640/t EXW and €650/t EXW drawn wire rod.

Outside the EU, offers were reported at €600-610/t CFR Rotterdam.

European scrap volumes were higher this month on growing demand and concluded export deals. In Germany, old thick scrap (Grade 3) was recorded at €355/t and E40 scrap at €360/t.

Mills are reported to have agreed to price adjustments of €700/t for February delivery, compared to the €650/t reportedly demanded last month for drawn quality wire rod. Agreements, still remained stable at €650/t EXW, observed.