Wire rod market sits tight, awaits price cues

Feb 28, 2013 | 04:38 PM | Samuel Frizell

Tags  steel wire rod, rod prices, Nucor, scrap surcharge, lead times, wire rod inventories, Samuel Frizell

NEW YORK — The steel wire rod market is on an even keel, with market players hesitant to make any big price moves even after one steelmaker reduced its scrap surcharge last week.

Consumers are holding their breath until the spring as transaction prices show little movement even after Charlotte, N.C.-based Nucor Corp. cut its scrap surcharge on wire rod by $10 per ton (amm.com, Feb. 19), and market players say buyers have been left some negotiating room with their suppliers.

"We didn’t (see a price drop) with all of our suppliers. Some move a little more mechanically, and for some it’s more of a negotiated fashion," a source at a fabricator in the South said. ....

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