Wire rod prices have trended sideways in the Italian domestic market in the past week after decreasing by €10/mt on average in the previous week. Local prices for drawing quality wire rod (SAE1006) are currently at €425-435/mt delivered to customer.
Several sources said that the situation is somewhat worse in terms of demand compared to that recorded in the Italian rebar market, also because the export market has remained quiet for wire rod. However, producers think their orders are not sufficiently bad to justify further price decreases in the coming period, also considering that local scrap prices are expected to trend sideways. Meanwhile, market sources said that, considering the closures during the coronavirus outbreak, most local producers are going to halt their activities for a shorter period than the usual in August.