Archive for April, 2009
Riveting Outlook for Steel
Credit Suisse upgrades the metal citing China’s rebound and other factors. Credit Suisse WE UPGRADE STEEL from Benchmark to Overweight for five reasons. First, China accounts for 35% of global steel demand and its economy is recovering: Loan and infrastructure investment growth are currently running at 27% per year; new home sales are rising; and [...]
China’s Ansteel Says Iron Ore Talks at Impasse
Annual iron ore price negotiations between steelmakers and miners were at an impasse, with China’s entire steel industry running at a loss this month, Anshan Iron and Steel Group Corp said on Thursday. “Starting in April, no steelmakers in China are making a profit,” Ansteel president Zhang Xiaogang told a press conference through an interpreter. [...]
BHP Billiton’s Iron-Ore Output Drops
SYDNEY — BHP Billiton Ltd. warned that market conditions are expected to remain uncertain in the medium term after reporting a drop in iron-ore production for its fiscal third quarter. The global miner said Wednesday more of its iron-ore customers are requesting delivery deferral because of weak demand, forcing BHP to sell the product on [...]
Tea Party Economics
Accounts vary, but it seems that a few hundred thousand people attended one of about 500 Tax Day Tea Parties on April 15. In the aftermath, politicians on both sides of the political aisle were energized. Conservatives hoped the tea parties signaled renewed support for the idea of limited government, while some liberals called the [...]
Iron-Ore Price Drop Likely
“The period of huge profits for imported iron ore is over,” predicts China Iron & Steel Association General Secretary Shan Shanghua.
Secret Iron Ore Agreements ???
MetalBiz—Iron ore suppliers reached an agreement with Chinese steel enterprises on Mar.29 that they agreed to temporarily decrease the price for iron ore by 40% compared with last year’s in order to keep the sales. According to the agreement, Chinese steel enterprises would pay 60% of the original contract price from last year for this [...]
Imports of iron ore up in China
SHANGHAI, April 10 (Reuters) – Deals signed by small Chinese steel makers with overseas suppliers are behind the surge in the country’s iron ore imports, the Securities Times newspaper said on Friday. China said on Friday that it imported a record 52.08 million tonnes of iron ore in March , signaling that Chinese demand for [...]
Overstock of Goods Is Easing
Inventory Cuts at Big Companies Augur Well for Output U.S. companies, after months of watching unsold goods mount in stores and warehouses, are reducing inventories enough to offer hope they can soon ramp up production and give the U.S. economy a needed boost. On Tuesday, executives at companies ranging from a major tire maker and [...]
April-May Scrap forecast
I received a message today from a domestic steel mill with their scrap outlook. I decided to forward this to several other who deal in scrap, pig iron and iron ore and the following is what these five had to say about the near future. The first forecast was sent along with a request to [...]
Arcelor refinances $1.2bn of debt
Mr Mittal has forecast falling steel demand this year Steelmaking giant Arcelor Mittal says it has refinanced $1.2bn ($820m) of debt until 2012, as it struggles amidst a global fall in demand for steel. Last month, the firm reported a fourth-quarter net income loss of $2.6bn as the slowdown in the world economy hit demand [...]
