Local Italian drawing quality wire rod prices in Italy are at the level of €530-540/mt ($610-621/mt) delivered to customer. According to market sources, the prices in question have mostly remained stable in the past month, after decreasing slightly between late August and the beginning of September.
Meanwhile, as import wire rod offers are at around €500/mt ($575/mt) CFR Italian ports, they do not look particularly appealing, and this is contributing to support for domestic prices even though local demand is not strong. However, in the coming period negative pressures are expected to hit domestic prices due to the restart or start of some wire rod plants - for example, JSW Steel-owned Aferpi's plant should resume its production in November. Meanwhile, according to the European Commission, exporters from countries subjected to provisional safeguard measures have consumed 481,000 mt of the total EU import quota of 1,058,110 mt for wire rod - valid from July 19, 2018 to February 3, 2019. According to the market sources, the quota could be exhausted by the end of this year, which would provide support for local wire rod prices in the European market.
€1 = $1.15