Long products are undergoing a correction in
Italy at the present time. According to reports received, mesh quality
wire rod has been sold in the domestic market at €800/mt ($1,256/mt) delivered to customer. Meanwhile, offers from
China are in a range of €715-740/mt ($1,122-1,162/mt) CIF FO for July/August shipment.
Although domestic demand for
wire rod is low at the moment, there is a perception in some quarters in
Italy that
scrap prices may put upward pressure on
wire rod levels in the near term.