Steel wire rod buyers eye more cuts

Sep 27, 2013 | 03:47 PM | Samuel Frizell

Tags  wire rod, wire rod mills, wire rod prices, Chinese wire rod, wire rod buyers, steel, 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 buyers—particularly those that have booked imports—hold off in anticipation of further price drops in October.

The price decline follows a $9-per-ton decrease in AMM’s 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.

"Scrap’s down 10 bucks. As we look toward October, the rod mills have the last couple of times gone down with scrap. We’ll 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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