However, a firming trend was seen in Northern European wire rod prices in the week to Wednesday. Producers are targeting higher prices to offset increasing raw material costs, sources said, adding to resistance to production cuts and acceptance of below-cost prices.
The weekly price assessment for steel rebar for delivery in Northern Europe was €610-630 ($644-665) per tonne on Wednesday, down €1010 from €610-640 per tonne.
Prices in the Northern European rebar market were largely stable after producers aimed to increase their offer prices at the end of October. Demand improved slightly and these price increases were largely accepted by the market, given increasing raw material and logistics costs as well as production outages.
The weekly price assessment for steel wire rod for Northern Europe delivery was €600-630 per tonne, up €5-30 per tonne from €595-600 per tonne on Wednesday.
Sources reported that offer prices increased due to production cuts and a small increase in consumption.
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