Monday, May 31, 2004
Yahoo! News - Noranda, CCR Copper Union in Tentative Labor Deal: "Metals markets were watching the talks closely, nervous of any strikes or supply disruptions at a time when copper supply and demand is balanced on a knife edge. Copper prices are up 20 percent this year after a 50 percent surge in 2003, mainly due to voracious Chinese demand. "
Labels: Copper
Yahoo! News - Raw materials show biggest 12-month price increase since March 2003: "manufacturers paid 8.4 per cent more for their raw materials compared with one year ago - the largest 12-month increase since March 2003, Statistics Canada reported "
Saturday, May 29, 2004
Yahoo! News - Quebec exports abroad jumped 11.5 per cent in March over February: "The largest category increases were in aircraft, telecommunications equipment, aluminum and measuring instruments"
Friday, May 28, 2004
Yahoo! News - China Warns Investment Rising Too Fast: "Even in booming regions like Shanghai, officials must reduce spending on property development and industries such as steel, Premier Wen Jiabao was quoted as saying by the official Xinhua News Agency.
'Leaders of all levels of government must strictly follow the state's orders,' Wen told officials during a tour of major projects in Shanghai, China's commercial capital. "
'Leaders of all levels of government must strictly follow the state's orders,' Wen told officials during a tour of major projects in Shanghai, China's commercial capital. "
Thursday, May 27, 2004
Not much about steel, but an interesting read none-the-less ... Yahoo! News - Survival of the Biggest: "the world economy of 2004 is not very different from the world economy of 1904. A remarkably high proportion of the world's biggest businesses today were in existence a century ago. "
Wednesday, May 26, 2004
Yahoo! News - Durable Goods Orders Sink Sharply in April: "orders for big-ticket items meant to last at least three years fell 2.9 percent, the largest decrease since a 6.0 percent fall in September 2002.
But March's gain was revised up again to 5.7 percent from 5.0 percent and February had been strong as well, with a 3.9 percent advance. "
But March's gain was revised up again to 5.7 percent from 5.0 percent and February had been strong as well, with a 3.9 percent advance. "
Yahoo! News - Steel Imports Inch Upward: "The largest country exporters to the United States were Mexico, Germany, Canada and Brazil.
The United States and the European Union want China to eliminate export restrictions on coke, a key ingredient in making steel. Both believe that China's coke export restrictions are a clear violation of World Trade Organization rules.
Coke prices have more than doubled in the past year to about $420 per ton, driven by China's export curbs and soaring demand from other developing nations.
But rising steel prices have not dampened demand in the United States. Earlier this month Commerce revised U.S. March orders for durable goods, many of which include steel, to a 5.0 percent jump from a previously reported 3.4 percent rise."
The United States and the European Union want China to eliminate export restrictions on coke, a key ingredient in making steel. Both believe that China's coke export restrictions are a clear violation of World Trade Organization rules.
Coke prices have more than doubled in the past year to about $420 per ton, driven by China's export curbs and soaring demand from other developing nations.
But rising steel prices have not dampened demand in the United States. Earlier this month Commerce revised U.S. March orders for durable goods, many of which include steel, to a 5.0 percent jump from a previously reported 3.4 percent rise."
Monday, May 24, 2004
Yahoo! News - New Forecast Says Inflation May Get Worse: "the National Association for Business Economics estimated that inflation, as measured by the Consumer Price Index, will rise by 2.5 percent in 2004. The index is the government's most closely watched inflation barometer. "
Saturday, May 22, 2004
Yahoo! News - OPEC 'Concerned,' Leaves Oil Hike to June: "a decision would wait until a full meeting in Beirut on June 3.
Producers face heavy pressure from big petroleum importers who fear rising energy costs could brake strong economic growth.
Ministers from the G7, meeting this weekend in New York, have said they want swift OPEC action.
Acting unilaterally, Saudi Arabia is not waiting until Beirut to help out.
Saudi Oil Minister Ali al-Naimi said on Friday Riyadh had already decided to raise output to nine million barrels daily next month, up from about 8.3 million bpd in April. "
Producers face heavy pressure from big petroleum importers who fear rising energy costs could brake strong economic growth.
Ministers from the G7, meeting this weekend in New York, have said they want swift OPEC action.
Acting unilaterally, Saudi Arabia is not waiting until Beirut to help out.
Saudi Oil Minister Ali al-Naimi said on Friday Riyadh had already decided to raise output to nine million barrels daily next month, up from about 8.3 million bpd in April. "
Friday, May 21, 2004
Study finds declining respect abroad for U.S. brands - May. 21, 2004: "there's growing resentment and envy among global consumers toward the U.S., and that sentiment is manifest in an erosion of support for American products"
Thursday, May 20, 2004
Yahoo! News - Factories Cool Off, But Jobs Coming: "the regional survey found a high 39 percent of the factories surveyed said they are experiencing shortages or delayed delivery of critical raw materials -- the sort of bottlenecks that reflect a booming economy and potential price pressures.
'We got a large share of those firms mentioning steel and steel-related products. We've known about those for a long time, followed by construction -- wood and lumber products,' said Philadelphia Fed economist Michael Trebing. "
'We got a large share of those firms mentioning steel and steel-related products. We've known about those for a long time, followed by construction -- wood and lumber products,' said Philadelphia Fed economist Michael Trebing. "
Yahoo! News - Stelco monitor warns of liquidation if Lake Erie workers go on strike: "'In all likelihood, a strike of any length would result in the liquidation of Stelco.' "
Labels: stelco
Tuesday, May 18, 2004
Yahoo! News - Housing Construction Dips in April: "even with the decline the level of activity still suggested that the residential construction sector of the economy remains healthy. "
Yahoo! News - Home Depot Profit Rises on Strong Sales: "first-quarter earnings topped estimates by jumping 21 percent, driven by store improvements, strong appliance sales and big gains in services revenue. "
Monday, May 17, 2004
Oil Strikes High on Stubborn Supply Fears: "oil dealers are skeptical OPEC has enough spare production capacity to bring prices down as most OPEC countries, except top exporter Saudi Arabia, are producing flat out."
Retail Sales Down, Producer Prices Up: "the government said retail sales slowed in April as consumers cut back on car and clothing purchases. But economists had expected the slowdown, given a big jump in March sales.
Rising global demand, particularly from China, has fueled the oil market's rise. But so too have concerns in the United States that difficult-to-manufacture clean-burning gasoline blends are likely to be in short supply this summer, and at higher prices."
Rising global demand, particularly from China, has fueled the oil market's rise. But so too have concerns in the United States that difficult-to-manufacture clean-burning gasoline blends are likely to be in short supply this summer, and at higher prices."
Wednesday, May 12, 2004
Forbes.com: Falconbridge shuts down copper smelter early: "Falconbridge said the smelter will be unable to meet its contractual commitments to customers in the near term. "
Labels: Copper
Tuesday, May 11, 2004
The Hill's big appetite for pork | csmonitor.com: "a new tax bill, launched when Congress wanted to fix a $5 billion-a-year export subsidy that turned out to be illegal under global trade rules. Now, measures tacked on outside the normal budget process have expanded the bill's girth to $170 billion in tax breaks:
? $519 million for makers of small jets.
? $8 million for makers of arrows. Yes, as in Robin Hood.
? $25 million for foreigners who gamble at US horse and dog races."
? $519 million for makers of small jets.
? $8 million for makers of arrows. Yes, as in Robin Hood.
? $25 million for foreigners who gamble at US horse and dog races."
Yahoo! News - Senate Passes Corporate Tax Bill: "The U.S. Senate on Tuesday overwhelmingly approved a corporate tax bill that would cut taxes for U.S. manufacturers and repeal export tax breaks that violate global trade rules. "
Manzullo to Greenspan: Interest Rate Hike Would Stunt America?s Economic Recovery: "In a letter to Chairman Greenspan on Monday, Manzullo said any interest rate hikes in the near future would stunt the emerging economic recovery in the United States."
Thursday, May 06, 2004
Yahoo! News - Jiabao in pledge on soaring economy: China's prime minister promised "resolute" measures to rein in excessive economic growth [...]
"Mr Wen sought to allay growing international concern that the world's fastest-growing major economy is overheating, driving up commodity prices and producing other imbalances. "
"Mr Wen sought to allay growing international concern that the world's fastest-growing major economy is overheating, driving up commodity prices and producing other imbalances. "
