SteelOrbis has learned that in the local Italian market domestic producers' wire rod prices have softened in the past week to €320-330/mt ($358-370/mt) delivered to customer.
Negative sentiment prevails in the market due to weak demand and the decreases also seen in prices of rebar and scrap. Long product producers which are finding it difficult to sell rebar are trying to sell wire rod instead, with a negative impact on wire rod prices.
In the meantime, Italian wire rod producers' export offers to the Algerian market stand in the range of €325-330/mt ($364-370/mt) FOB.
€1 = $1.12