According to market sources, Italian wire rod offers to the export markets are currently in the range of €415-425/mt ($515-527/mt) FOB. Market sources state that demand is slack for the Italian wire rod exports, with only low volume sales to the Algerian market being observed.
Meanwhile, wire rod prices in the local Spanish market are currently at €440/mt ($546/mt) DDP, while discounts of up to two percent are available for advance payments. On the other hand, Spanish wire rod offers to the export markets are now in the range of €425-430/mt ($527-533/mt) FOB.
Market sources report that transaction activities have been slack in the European wire rod market since the beginning of December due to approaching Christmas and New Year holidays. However, European producers' order books are full for the period after the holiday. As a result, there are strong expectations that wire rod prices will increase in the New Year.
€1 = $1.24