According to sources, prices for drawing quality low carbon wire rod in the domestic Italian market have increased by €10/mt compared to three weeks ago, rising to €460/mt ($529/mt) delivered to customer. Market sources have said that local producers are seeking to increase prices before August, i.e., the traditional holiday period in Italy, due to the ongoing uptrend of domestic scrap prices. These anticipated increases will be supported by the rise in global steel prices and by the fact that import wire rod prices are considered to be on the high side and so there is no risk of significant volumes arriving from abroad.
Meanwhile, in the domestic market, wire rod demand coming from the automotive and the mechanical sectors is still good, while demand coming from the construction sector has remained weak.
€1 = $1.15