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Mar.23.2019 1USD=6.6944RMB
  SteelHome >>Steel>>Market Info>>International Dynamics
 
Europe Wire Rod Prices Push Higher on Positive Market View despite Political Uncertainty

http://en.steelhome.cn [SteelHome] 2019-03-14 17:14:15

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The European price of mesh-quality wire rod narrowed at the low end of the range on Wednesday March 13, reflecting the market’s sound fundamentals starting to re-emerge in a murky political environment.

Fastmarkets MB’s weekly domestic price assessment of mesh-quality wire rod for both Northern and Southern Europe edged up to 535-550 ($603-620) per tonne delivered on Wednesday from 530-550 per tonne previously.

Although consumer buying has been very thin so far this year due to the uncertain political environment, price inquiries are now being made in a market where supply has been constrained by the European Commission’s safeguard import quotas.

In the case of the country-specific quota for Turkey, the allotted volume was filled in the first week of the latest quota period, which runs from the start of February to the end of June.

Fundamentally, demand looks sound in the medium term. Germany’s Federal Statistical Office (Destatis) announced preliminary figures for the full year of 2018 on Monday that showed a 10.7% increase in sales in the construction industry over the previous year. Improving consumption levels could trigger a sharp reaction in the price over the coming weeks.

“There are not too many wire rod sources open for European buyers and some domestic mills have also had internal problems,” a trader said.

Producers will hope that this week’s price move will be the start of a trend of rising prices, especially because business tends to pick up while warmer weather emerges across the continent.

“We believe that the market will see some support at this time of the year,” a producer said.

Source from Fastmarkets MB
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