WR market in Italy

Last week, Italian mills offered wire rod in the local Italian market at Euro 420-430/mt delivered to customers' premises on actual weight basis with 60-day deferred payment, excluding VAT. Meanwhile, Chinese-origin wire rod offers for the Italian market were at Euro 375/mt CIF FO with 60-day deferred payment. Due to the export tax for Chinese-origin billet, Chinese-origin long products are expected to be exported in greater quantities. This situation will lead to more Chinese-origin wire rod exports to southern Europe in the coming period.