Wire rod prices see correction in local Italian market

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.