European wire rod prices have been held steady for a second week to tempt consumers in the local market.
Buying activity in Europe remains scares due to weak demand from the quiet construction sector.
Sales were concluded this week at €565-575 ($740-753) per tonne delivered; unchanged since deals concluded last week, according to European market participants.
“There hasn’t been much action this week since most people are still returning to the market after the Easter break,” a trader told Metal Bulletin.
“Demand remains weak, buying is scarce and people are cautious about committing to orders as they’re not sure about the direction of ferrous scrap prices,” he said.
The few wire rod consumers that are in the market have been purchasing small parcels to serve their immediate requirements.
The eurozone debt crisis has caused nervousness and uncertainty in the domestic European wire rod and rebar markets, and reduced sales and consumption levels, Metal Bulletin was told.