According to market sources, Turkish steel producers are currently offering drawing quality wire rod (SAE1006) to Italy at prices around $620/mt CFR Italian port, with shipment in late June/early July, while their previous offers were at $650-660/mt CFR. The same sources said that they believe a significant downward correction has begun for Turkish prices, and therefore European customers are on the alert. Customers are on the alert because Turkish prices have always been a benchmark for the market, and also for European producers (Italian, Spanish, and also for ArcelorMittal). According to market sources, the safeguard investigation started by the European Commission in late March should not cause significant problems, especially for products such as wire rod, as they think it will hit flat products mostly. Moreover, the investigation is currently viewed in the market as a market monitoring tool for the EC and not as a big threat to trades.