Contrary to what was recorded in the Italian rebar market in the past week, local Italian wire rod prices have decreased by €10/mt compared to two weeks ago. Accordingly, domestic drawing quality wire rod (SAE1006) prices in Italy are now at €520/mt ($603/mt) delivered to customer. Some sources have attributed this downward correction to the wait-and-see attitude adopted by local customers, due to the high volumes of wire rod imported in the past several months and still largely available in the market. However, at present, imports are scarce or are not very competitive - there is no sign of offers below €525-530/mt ($609-615/mt) CFR.
€1 = $1.16