8/30/2012 12:10:00 AM
NEWS BRIEFS
Report: U.S. Wire Rod Producers Mulling Trade Case
U.S. carbon steel wire rod makers are mulling a trade case against China and Turkey amid mounting frustration a flood of highly competitive imports, American Metal Market reports.
“Growing overseas capacity and a slowdown in demand throughout Europe and Asia have made the U.S. market one of the most attractive in recent periods, domestic steelmakers have said,” writes Catherine Ngai of AMM. “Pared with a crimped construction sector and a slowdown in U.S. demand, sources say business has become increasingly difficult for domestic rod mills.”
Nearly 115,000 tons of Turkish rod arrived at U.S. ports during the first six months of 2012, up 48% from the 77,533 tons reported in the same period of 2011, according to data from the U.S. Department of Commerce’s Import Administration. Chinese imports soared to 48,038 tons in the first half of 2012, up from 153 tons during the first half of 2011.
The report follows news that soaring scrap price drove U.S. steelmakers, including Nucor, to increase wire rod prices by US$80 per short ton for September.
Traders criticized Nucor’s hike as “too sharp,” pointing to the company’s recent price increase — H beam prices up to US$ 50 per short ton — as more prudent. ©2012 GlobalFastenerNews.com
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