US traders stop offering Chinese steel

Some large US 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 Steel First sister title AMM’s price range for CRC widened to $600-660 per ton ($30-33 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 30-40 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. "We’re waiting for the fireworks," the trader said. "For material coming from offshore, with China you’re probably already in trouble. If...

Published

July 04, 2014

08:19 GMT

Chicago