Wire rod import market goes limp

Jun 06, 2012 | 04:56 PM | Catherine Ngai

Tags  wire rod, steel prices, Gerdau Long Steel North America

NEW YORK — The wire rod import market has gone limp, with potential buyers turning their sights to anticipated near-term price decreases from domestic mills and the summer slowdown.

"In the summer, most people are well advised to just sit back and relax—just chill," one buyer said. "The bottom line is that there’s plenty of steel out there. I’m surely not going to buy anything right now."

The excitement over Chinese rod in recent months has slowly given way due to increased prices from foreign mills and a slowdown in the domestic markets as a $50-per-gross-ton drop in Detroit ferrous scrap prices (AMM, June 6) paved the way for other cities to follow.....

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