Recent scrap price decreases have impacted the wire rod market in Italy. Accordingly, Italian producers' have lowered their domestic drawing quality wire rod prices by €20/mt ($22/mt) to €430-450/mt ($482-504/mt) ex-works since the beginning of this month, while local demand is at low levels.
On the export side, Italian producers' wire rod offers now stand at an average price of €450/mt ($504/mt) FOB, but demand from overseas buyers is also low.
For the coming period, most market players are forecasting another price correction, though it seems difficult to predict the margin of any price decrease until the situation regarding prices of scrap and billet becomes clearer.
€1 = $1.12