SteelOrbis has learned from market sources that in the Italian market local producers' domestic prices of drawing quality wire rod are now in the wide range of €440-460/mt ($466-488/mt) delivered, compared to the range of €455-465/mt ($482-493/mt) two weeks ago. Demand in the market is at medium levels. In line with the late February expectations of SteelOrbis, the price decrease has been caused by the good availability of wire rod in the market and by the recent return of Italian wire rod producer Riva Acciaio to the market with prices on the lower end of the above-mentioned range.
Sources have reported that Riva Acciaio has entered the Algerian market for the first time, offering at lower prices compared to other Italian producers, and has been able to conclude deals for significant volumes of material. In the export market, where demand is currently good, Italian producers are offering wire rod at €415-420/mt ($440-445/mt) FOB.
€1 = $1.06