Thursday, July 31, 2008
By Millie Munshi of Bloomberg
Tumbling prices for natural gas, nickel and corn are turning July into the worst month for the Reuters/Jefferies CRB Commodity Index in 28 years.
The CRB Index of 19 commodities slumped 9.7 percent since June 30, the biggest decline since a 10.5 percent drop in March 1980, when the U.S. economy was mired in recession. Natural gas plunged 31 percent to lead July's biggest losers. Corn and nickel slumped 14 percent.
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Wednesday, July 30, 2008
From MEPS
We are now seeing the beginning of the seasonal summer slowdown in demand in the US. Several local mills have already formally announced their intention to lift transaction values by a relatively modest $US40/50 per ton for September deliveries, but many market players feel prices may have already peaked.
In China, the recent positive price trend has started to turn down.
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Wednesday, July 23, 2008
By Dale Crofts and Rob Delaney of Bloomberg
AK Steel Holding Corp., the fourth- largest U.S.-based steelmaker by market value, said second- quarter profit rose 32 percent because of record prices for sheet steel and higher demand from the power industry.
The company charged an average price of $1,287 a ton for steel in the second quarter, up from $1,092 a year earlier.
Moreover, selling prices will be about 10 percent higher in the third quarter, during which AK Steel said it expects operating profit of between $170 and $175 per ton, versus $137 for Q2, 2008, and $109 for Q2, 2007.
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Tuesday, June 24, 2008
Steel Prices Fuel
Inflation Worries;
Taking a Hard Line
By ROBERT GUY MATTHEWS
After months of negotiating with China's top steelmakers, mining giants Rio Tinto PLC and BHP Billiton Ltd. on Monday won an 85% increase in the benchmark price for iron ore, a key ingredient in steel production. The rise indicates that steel prices world-wide are likely to stay high, further fanning inflation concerns.
Baosteel said its prices will rise as a result of the iron-ore price increase, but it gave no estimates. Including the latest increase, Baosteel said iron ore will account for 65% of its raw-material costs. The price increase affects all iron-ore buyers, though U.S. steelmakers are less affected, as they can import ore more cheaply (from Vale) of Brazil.
Prices will apply to all steelmakers that buy iron ore from the two sources, including U.S. and European customers.
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Monday, June 09, 2008
By LOUIS UCHITELLE,New York Times
Surging oil prices are beginning to cut into the profits of a wide range of American businesses, pushing many to raise prices and maneuver aggressively to offset the rising cost of merchandise made from petroleum.
Airlines, package shippers and car owners are no longer the only ones being squeezed by the ever-mounting price of oil, which shot up almost $11 a barrel on Friday alone, to $138.54, a record.
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