Wire rod prices fall on poor demand

Aug 16, 2013 | 12:42 PM | Samuel Frizell

Tags  Steel wire rod, wire, construction, demand, shredded automotive scrap, market update, mills, rod buyers Samuel Frizell

NEW YORK — Domestic steel wire rod prices have dropped back to early July levels after a brief boost late last month, dimming hopes for more robust activity in the second half of the year.

Poor demand and import competition have weighed down domestic prices, wire rod mills and rod buyers said. The wet summer on the eastern side of the Mississippi has limited construction activity, leading to poor demand for construction-related wire rod grades, and a mediocre economy has bogged down activity in many industrial applications.

"This rain has killed us. Everything is wet, construction has been delayed. There’s projects out there, but it’s all been delayed," a mill source said. "There’s not a whole lot of optimism for the rest of the year. We need something to turn things around."....

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