Wire rod buys up ahead of anticipated bounce
Aug 07, 2012 | 05:10 PM
| 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. Weve 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. Thats clearly the strategy."
On Monday, AMMs Chicago price for shredded automotive scrap and No. 1 busheling scrapthe basis for certain mills surchargesjumped 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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