Long product import tags poised to move up
Dec 13, 2011 | 06:09 PM
| Catherine Ngai
NEW YORK Domestic price increases for long products could translate into import hikes in the new year, traders and buyers told AMM.
"Were anticipating a price increase from foreign mills sometime in the next few weeks," one trader said. "Margins are really low right now, and theres just not much demand for the product considering construction is still down. Automotive is somewhat good. But once domestics raise their prices, the foreign mills eye those prices and increase them, too."
Prices for imported wire rod were reported at around $690 to $720 per short ton for delivery at the Port of Houston. Imports fell to 42,673 tonnes in November, according to preliminary figures from the U.S. Census Bureau, from 65,473 tonnes in October. Brazil led the way, with shipments from that country falling to 4,138 tonnes from 16,713 tonnes.....
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