US braces for tsunami of wire rod from China
Sep 20, 2012 | 01:34 PM
| Catherine Ngai
NEW YORK U.S. ports look set to receive large quantities of Chinese wire rod in the fourth quarter due to a wider spread between domestic and import prices, market sources told AMM.
Several sources estimated as much as 100,000 tonnes would arrive in November through December, booked at prices ranging from $570 to $620 per ton to the Port of Houston. This compares with domestic tags of $660 to $700 per ton.
Although much of the material has been purchased, a fair amount remains unsold and being readily offered in the market, traders said.
"If you think you saw a lot of rod come in earlier this year from China, what were about to see will blow people out of the water," one trader said.....
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