Traders stop offering Chinese steel

Jul 03, 2014 | 05:08 PM | Michael Cowden

Tags  stel, steel trade, China, trade cases, steel imports, oil country tubular goods, steel traders, Michael Cowden

CHICAGO — Some large trading houses have stopped accepting future orders for coated and cold-rolled steel from China due to fears of potentially imminent trade action.

The development comes as AMM’s price range for cold-rolled coil widened to $600 to $660 per ton ($30 to $33 per hundredweight), with some suppliers of Chinese product said to be suggesting that customers boost their next order because it could also be their last.

"Some trading companies are still offering Chinese futures. But we’ve stopped," one trader said, estimating that trade cases could come within 30 to 40 days after a decision on oil country tubular goods (OCTG) next week. That makes ordering Chinese steel today that might not arrive until November too risky, he said.....

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