China, Turkey push wire rod import offers up

Apr 13, 2012 | 04:42 PM | Catherine Ngai

Tags  imports, wire rod, China, Turkey, steel prices, catherine ngai

NEW YORK — Wire rod offers from China and Turkey have edged up in price slightly in recent weeks, leaving those imports with a less-competitive edge due to a narrowing price gap with domestic material, traders say.

"Foreign offers have inched up a little bit. Turkey has been out of the U.S. market for some time, and the Chinese have been successful in inching up their prices by $10 to $15 (per ton)," one trader said. "The Chinese are definitely feeling a little more bullish."

A number of buyers and traders said earlier this year that large shipments of wire rod from China were set to enter the United States as early as the end of the first quarter (AMM, March 16). Market sources cited relatively low Chinese prices coupled with a number of domestic mills raising prices by $20 per ton in mid-March, which pushed some buyers to switch to foreign material. ....

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