Buyers brace for higher wire rod prices
Nov 08, 2013 | 02:43 PM
| Samuel Frizell
NEW YORK Wire rod buyers are poised to accept higher prices from domestic mills despite endemically weak demand and flush import volumes, rod buyers and mills said, as rising scrap tags prompt an uptick in steel prices.
Gerdau Long Steel North America, Tampa, Fla., announced a $30-per-ton ($1.50-per-hundredweight) increase on wire rod Nov. 1 following a $20-per-ton ($1-per-cwt) increase from Nucor Corp. in October (amm.com, Nov. 1), but those increases werent reflected in transactions.
However, when the announcements were made, customers said, mill representatives had assured them that there would be no immediate increases on new orders.
But pricing sentiment has turned in the past few weeks, with rod buyers now expecting an increase and mill sources preparing to reinforce higher rod prices if scrap settles higher.....
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