Steel wire rod buyers eye more cuts
Sep 27, 2013 | 03:47 PM
| Samuel Frizell
NEW YORK Wire rod mills offer prices have dropped about $10 per ton from September, mills and rod buyers said, drawing some takers as other buyersparticularly those that have booked importshold off in anticipation of further price drops in October.
The price decline follows a $9-per-ton decrease in AMMs Chicago shredded automotive scrap price earlier this month (amm.com, Sept. 6).
Rod prices have generally been softening since spring, aside from a price increase in August.
"Scraps down 10 bucks. As we look toward October, the rod mills have the last couple of times gone down with scrap. Well continue to see downward pressures on scrap and rod," according to one wire rod buyer, who is transacting $10-per-ton lower than earlier this month.....
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