Rod, rebar buyers brace for higher prices
Jul 07, 2014 | 05:34 PM
| Nat Rudarakanchana
NEW YORK Wire rod and rebar consumers are looking beyond August to September and October when cheap imported material on U.S. shop floors runs low, potentially building momentum for domestic price increases.
"Whats got everybody spooked is when the Chinese stuff runs out here, where will the Turkish prices be? ... Is it worth it to order (now) for October and November delivery? ... Domestic mills could jump later from $34 to $38 (per hundredweight) and everybody would be kicking themselves for not ordering the Turkish rod back in July when they had the chance," one wire rod buyer said.
The buyer pointed to August, 2012 when domestic wire rod mills announced an $80-per-ton ($4-per-cwt) price increase (amm.com, Aug. 10, 2012), a hike that failed to stick due in part to cheap available imported material. But the increase at that time was based mainly on rising ferrous scrap prices and not changes in the volume of U.S. imports of the product.....
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