Steel wire rod imports slow after Sept. spree
Oct 15, 2012 | 03:47 PM
| Catherine Ngai
NEW YORK Sales of imported steel wire rod have slowed since the start of October due to rising Chinese prices, uncertainty surrounding the upcoming elections and an abundance of material that was already booked.
Chinese mills, which had gained a foothold in the U.S. market in September by selling wire rod at about $100 per ton below domestic tags (amm.com, Sept. 20), have since increased their offer prices, contributing to the apparent slowdown in import activity, sources told AMM.
Traders and buyers last month reported large bookings of Chinese wire rod for mid- to late-November arrival at prices as low as $535 per ton to the Port of Houston. However, when Chinese mills returned to the market after an early-October public holiday to offer material for February delivery they had increased prices some $27 to $36 per ton, sources said.....
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