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November 20th, 2009
- Market Stats
Taipei Taiwan - Taiwan’s wire rod exports in October up by 12pct MoM
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| Yieh reports that Taiwan exported 17,800 tonnes of wire rod in October 2009, up by 12% MoM while down by 12% YoY. For the wire rod which diameter is below 14mm, Taiwan achieved an average exported price of TWD 20,090 per tonne in October 2009, up by TWD 150 per tonne on September. As for the wire rod which diameter is over 14mm, Taiwan achieved an average exported price of TWD 20,180 per tonne, up by TWD 90 per tonne. The main reason why the average exported price enjoyed a pick up is because the exported price to Malaysia and Thailand increased.
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November 20th, 2009
- Projects
Seoul Korea - Kiswire plans to expand investment in Qingdao
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| South Korea Company Kiswire Ltd is plans to invest around USD 5 million to 10 million in the export processing zone of Qingdao, building a 20,000 square meter plant expanding capacity of all products made in China for export. The vice mayor of the city met the mission of Kiswire recently and said they will strongly support the investment. As per a report from MySteel.net, the company has already set up three subsidiaries in Qingdao so far.
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November 20th, 2009
- Acquisitions
Beijing China - General Steel Holdings signs Non-binding LOI to acquire Tangshan Baotai Iron and Steel Group
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| General Steel Holdings, Inc., one of China's leading non-state-owned producers of steel products and aggregators of domestic steel companies, today announced that it has signed a non-binding Letter of Intent ("LOI") to acquire a 60% controlling interest in Tangshan Baotai Iron and Steel Group Co., Ltd. ("Baotai"), a non-state-owned producer of steel billet and strip steel in Tangshan, Hebei province, China. If this transaction is consummated, General Steel is expected to have approximately 10,000 employees and operate five subsidiaries based in China producing a variety of steel products including rebar, steel billet and strip steel, hot-rolled carbon and silicon sheet, high-speed wire and spiral-weld pipe.
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November 20th, 2009
- Acquisitions
Melville New York - Arrow Electronics to buy specialty wire firm A.E. Petsche
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| Electronic components distributor Arrow Electronics said it will purchase Arlington,Texas-based wire, cable and harness supplier, A.E. Petsche Co, for an undisclosed amount.Melville-based Arrow said the acquisition would expand its reach into the aerospace and defense market, Petsche’s consumer base. The deal is slated to close before the end of the year. The Texas company, which employs 250 people, distributes its cables, connectors and wires throughout the United States, Canada, Mexico, the United Kingdom, France, and Belgium. It also had $220 million in sales in 2008.
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November 19th, 2009
- General
Washington D.C. - Many Chinese steel wire companies hit with 438% countervailing duties as U.S. sets duties on Chinese steel wire goods
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| The Commerce Department has set preliminary duties ranging from 2% to 438% on hundreds of millions of dollars of imported steel wire decking from China to offset government subsidies. The preliminary decision on Tuesday concerns welded-wire rack decking, a product used in industrial and other commercial storage rack systems. U.S. companies imported an estimated $317 million of such decking in 2008, an increase of 49% from 2006.
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November 19th, 2009
- Market Stats
London U.K. - Market eyes weak demand, with LME copper stocks up again
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| Copper fell on Tuesday as the U.S. dollar recovered and investors saw a rise to 13-1/2 month highs in the previous session as overdone given continuing stockpile gains. Benchmark copper for three-months delivery on the London Metal Exchange traded at $6,795 (U.S.) a tonne at 1026 GMT, after surging 5.1 per cent to close at $6,855 on Monday, a level not seen since late September 2008. “Yesterday's jump was a little bit overdone, there are still wider economic concerns. We've seen builds in (copper) stocks since the middle of the year but it's had no impact on price,” said David Wilson, analyst at Societe Generale. “The market is picking and choosing what it decides to take notice of, it's entirely sentiment driven,” he added. The U.S. dollar inched off 15-month lows on Tuesday, making dollar-priced metals more expensive for non-U.S. investors. Also weighing on copper, equities, seen as a proxy for economic growth retreated from 13-month highs in Europe. But overall sentiment remained upbeat, with funds who have helped drive copper up more than 120 per cent this year still pinning their hopes on a revival in demand for raw materials next year.
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November 19th, 2009
- General
New York City - Strong US metal imports fuel economic rebound hope
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| Greater shipments of industrial metals into the United States in September reflect a budding optimism in the economy and relatively attractive prices should keep luring manufacturers into replenishing depleted inventories. The U.S. International Trade Commission on Friday reported that September copper imports soared more than 50 percent from August to 56,012 tonnes. Aluminum shipments were up more than 18 percent to 134,800 tonnes, and zinc and nickel also showed month-over-month gains. Recent data reinforces a brighter economic outlook. The Institute for Supply Management Manufacturing index rose to 55.7 in October, marking the third month of expansion, while a 0.7 percent rise in industrial production and gains in both construction spending and new housing starts added to the positive sentiment. The U.S. will likely continue to ramp up spending, as Feds has indicated they will keep interest rates at extremely low levels and provide ample financial sector liquidity for most of 2010. Out of the $787 billion allocated for the U.S. stimulus program, only about a fifth to a quarter has been spent so far. Much more of the U.S. stimulus money is to come out by end of fiscal 2010, with maximum impact occurring in Q4 2009 - Q2 2010.
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November 19th, 2009
- General
Brantford Ontario - Steel demand slowly picking up but is a long way off peak in 2008
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| Russian apparent steel demand is expected to rise 15-20 percent next year thanks to robust construction activity, an executive at Severstal , Russia's largest steelmaker, said on Monday. Construction projects and machinery orders will help demand to rise next year in the world's fourth largest steel producing country, Alexander Malanichev, Severstal's head of strategic marketing, told a Metal Bulletin steel conference. However the increase in demand is from an extremely low level as Russian steel demand is expected to drop by 30 percent overall in 2009, compared with 2008. The global steel industry is slowly recovering from one of the worst downturns it has seen in its history. But the rise in orders are yet to be reflected in company results, analysts say. Malanichev said he saw signs of improvement in Russian steel demand but said looming overcapacity was a major threat for the prices, which have risen over the past couple of months from last year's lows.
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