SteelOrbis has learned from market sources that in the Italian market local prices of drawing quality wire rod are still at €455-465/mt (518-530$/mt) delivered, remaining stable over the past two weeks. Demand in the market has been relatively good, boosted by concerns over tightness of domestic wire rod supply.
Sources have reported that the date for the restart of production at Riva's wire rod mill in Verona - initially set for the beginning of February - remains unclear. However, it seems the restart will likely take place before the start of March. In the meantime, in the Italian market there are large volumes of import material from South Korea, Russia, Ukraine and Turkey available at price levels that are lower compared to domestic prices. According to market sources, import offers are abundant.
Meanwhile, for export, wire rod offers of Italian producers are at €430/mt (490$/mt) FOB.
€1 = $1.14