According to market sources, domestic drawing quality wire rod prices in Italy are still at the level of €530-540/mt ($610-621/mt) delivered to customer, i.e., the same that was recorded two weeks ago.
Local supply and demand are at balance, but market players are expecting negative pressures on prices due to the full start of production at wire rod plants in Verona and Piombino in the coming weeks. Meanwhile, import wire rod offers to Italy are still not very competitive as they are at similar levels compared to domestic prices.
According to the European Commission, exporters from countries subjected to provisional safeguard measures have consumed more than 52 percent 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