According to market sources, domestic drawing quality (SAE1006) wire rod prices in Italy are still in the range of €520-530/mt ($593-604/mt) delivered to customer, stable as compared to the levels recorded one week ago.
Demand is still very low in the local Italian wire rod market but wire rod prices are supported by the stability of scrap prices and the lack of imports due to the EU safeguard measures.
Meanwhile, market sources have heard of offers from those countries that are excluded by safeguard quotas. In particular, ex-Egypt and ex-Malaysia wire rod offers are at $580-585/mt CFR Italy for April and May deliveries. According to market sources, these offers are not competitive as they are in line with domestic prices, but could become interesting if Italian producers decide to increase their domestic prices.
€1 = $1.14