Business Intelligence-Percentage of buyers with too much steel and April cobalt price
By Staff -- Purchasing, 4/5/2007 2:00:00 AM
64.7
Percentage of buyers with too much steel
Source: ISM Steel Buyers' Forum
WHAT IT MEANS: Almost two-thirds of the member steel buyers surveyed by the Institute of Supply Management in late February said inventories were too high for in-house needs. Efforts to cut steel inventories will continue for another six months.
98¢/lb
Mag price in China
Source: Platts.com
WHAT IT MEANS: China's magnesium ingot prices surged to $1/lb in March, setting the stage for North American metal at $1.75 this month. Traders in Tianjin say local spot supplies are tight, pushing prices there up from 92¢ in early February. That price pushed March prices here to $1.63/lb from $1.52 in February.
$40/lb
April cobalt price
Source: Purchasingdata.com
WHAT IT MEANS: Supplies are tight. Strong demand from makers of superalloys used to make medical implants, aerospace equipment and commercial aviation parts have pushed spot cobalt prices past $30 in early March (up from February's $28 average).
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