Chinese rod appealing as domestic prices rise

Aug 22, 2012 | 02:02 PM | Catherine Ngai

Tags  steel prices, wire rod, Nucor, Gerdau, Keystone, scrap, catherine ngai

NEW YORK — Recent domestic price hikes and competitively priced product from China may have opened a window of opportunity for wire rod traders, market sources have told AMM.

A number of mills, including Charlotte, N.C.-based Nucor Corp., Tampa, Fla.-based Gerdau Long Steel North America and Peoria, Ill.-based Keystone Steel & Wire Co., have recently announced $70- to $80-per-ton price increases effective with Sept. 1 shipments due to an $83-per-ton increase in scrap prices (, Aug 10).

The markup in domestic prices has made foreign product look particularly attractive, buyers said. ....

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