Wire rod buys up ahead of anticipated bounce

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

Tags  wire rod, steel prices, scrap, raw material prices, shredded scrap, busheling, Catherine Ngai

NEW YORK — Wire rod buyers could rush in to purchase product ahead of potential price hikes following an upswing in raw material prices this week, buyers told AMM.

"Things are beginning to take shape. We’ve seen ... indications that shredded and busheling are bouncing back pretty significantly," one buyer said. "What this means is that everyone will try to get everything shipped by the end of August. That’s clearly the strategy."

On Monday, AMM’s Chicago price for shredded automotive scrap and No. 1 busheling scrap—the basis for certain mills’ surcharges—jumped to $410 and $420 per gross ton, respectively, for August, both up $83 per ton from July (amm.com, Aug. 6).....

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