According to sources, drawing quality wire rod (SAE1006) prices in the local Italian market have remained stable over the past two weeks at €520-530/mt ($624-636/mt) delivered to customer. Market sources state that imports are almost completely absent due to higher prices and long delivery times (at least 60 days from placing of orders).
Meanwhile, the recent release of new import licenses in Algeria is expected to increase the order volumes received by Italian steel producers. This in turn should generate positive pressure on domestic scrap prices and thereby boost wire rod prices as well. Currently, sources expect domestic wire rod prices in the Italian market by the end of October to reach €540-550/mt ($648-660/mt) delivered to customer.
€1 = $1.20