Discounting, import flow weighs down wire rod

May 07, 2012 | 05:10 PM | Catherine Ngai

Tags  wire rod, traders, steel prices, Turkey, China

NEW YORK — The U.S. steel wire rod market is experiencing an early summer slowdown, with domestic mills and importers said to be fighting for dwindling business in a lackluster marketplace.

"There’s a bit of a slowdown. Demand has definitely slowed down some and it has all been accompanied by higher import activity mainly from China," said one trader. "People have foreign material in the pipeline already and they’re seeing their demand come off a bit. It’s creating a bit of hesitancy in the marketplace."

With domestic demand said to be taking a breather, buyers said some U.S. mills have become more aggressive in their pricing.....

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