Domestic wire rod prices in Italy are down compared to a month ago. In the given period, prices of drawing quality wire rod (SAE1006) have declined from €450/mt to the current levels of €425-430/mt ($472-477/mt), both delivered to customer.
However, most of the decrease occurred between the end of September and the first two weeks of October, due to the decline in local scrap prices and weak demand, while the decreasing trend has slowed down in the past two weeks.
According to a producer interviewed by SteelOrbis, at the moment "demand appears to be good" and even "there are reasons for implementing price increases". According to the same source, it is difficult for local scrap prices to fall due to the fact that "all producers are buying scrap" and that further reductions "would lead to disruptions in the supply chain".
€1 = $1.11