Metals Industry Business Intelligence
By Tom Stundza -- Purchasing, 12/11/2008 2:00:00 AM
60%
Two-month drop in ferromolybdenum prices
Source: Credit Suisse
WHAT IT MEANS: Steelmaking worldwide fell 30% in the third quarter, reducing purchases of iron ore, scrap and alloying materials. "The weakness in moly is largely due to a collapse in orders from steel firms worldwide who are taking more and more downtime," Credit Suisse writes.
$283/ton
Cut in wide-flange beam list price
Source: www.purchasingdata.com
WHAT IT MEANS: Nucor, Gerdau Ameristeel and Steel Dynamics have intensified the price cuts from $80 in October to $283 by year's end for wide-flange beams, a major structural steel product. With lower-priced imports also in the market, beams soon may be selling as low as $780/ton.
$565/ton
World steel price forecast for 2009
Source: Citibank
WHAT IT MEANS: Citibank analysts have slashed the hot-rolled sheet in coil forecast for 2008 by 4% to $875/net ton and reduced its estimate for 2009. "The liquidity crisis is spreading, not easing," says the Citi research note.
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