According to SteelRadar data, wire rod prices in Italy increased last week after trading at the same price since 8th April. Wire rod ASTM A510 (SAE1008) started the week of April 22 at EUR 645, an increase of EUR 17. In an otherwise quiet week for steel products in general, the developments in wire rod were noteworthy.
Sources emphasized that the increases will not be permanent, but demand for imported wire rod has increased in response to the exhaustion of import quotas.
Southern Europe witnesses changes
Another important country for Southern Europe, Spain, recorded a significant decline in steel product prices, with HRC prices dropping by EUR 70. It was emphasized that the Israeli war affected the steel market and prices were lowered to avoid overstocking in the last stockpiles.
According to SteelRadar data, there were no significant increases or decreases in steel products in Italy this week, except for wire rod. While sources said that this week was described as a "dead market" and no significant deals were heard, many executives in the steel industry were on vacation due to the May 1 Labor Day, but some activities are expected to resume after the holiday.
Demand remains low in the Northern European steel market
This week, steel prices also remained unchanged in Northern Europe due to low demand. According to SteelRadar data, Poland, which experienced a decrease in the rebar market, witnessed an EUR 7 increase in wire rod prices in the week to April 22. Wire rod [5.5-10 mm], which traded at EUR 668 in the first week of April, gained momentum in the new week to trade at EUR 675.
Sources told SteelRadar that prices are expected to rise by around EUR 30-40 from the days after Labor Day compared to the prices recorded in April.
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