Wire rod prices fell slightly in Italy recently, due to increased pressure from imports. While in recent weeks there was talk of prices around €1,200mt delivered for drawing quality wire rod, today producers' offers are mainly between €1,180/mt and €1,190/mt delivered northern Italy, while a mill is offering the same material at €1,150/mt delivered. However, prices are still relatively strong due to high production costs, which lead local producers to reduce their production in the past several weeks, sources underlined.
Regarding import offers, sources reported a price of $1,050/mt CFR from Algeria for shipment in early June. At the same time, an Egyptian producer is offering wire rod at $1,010/mt FOB with May shipment, letter of credit at sight (approximately $1,060/mt CFR). Finally, Turkey is offering material at $1,030/mt FOB (approximately $1,070-1,080/mt CFR) with shipment in May, but the risk of exhaustion of the EU safeguard quota (107,758 mt) appears high. All prices are for SAE1006 material.