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Not thaw out yet
News - 16 Jan 09
2009 has begun quite differently than most had expected. The nickel price had been moving within a range of USD 9,000.00/mt and USD 10,400.00/mt in the second half of December, but just before year end there was a sharp increase. The old year finished on a rate of USD 11,700.00/mt for the 3 months quote. Yet this was not finished. In the first few days of January, nickel increased even more to reach a high of USD 13,450.00/mt, but whoever assumed a continuing recovery and a turn in trend was certainly wrong. The new weighting in commodity index products had led to a stronger nickel demand, which, judging by size and scale, led to speculative long positions within certain market circles, which in turn helped to encourage the price increase. In addition to this the clearly weaker US dollar at year end will have had a role to play.
Stainless not hopeless
News - 15 Dec 08
It can be expected that 2009, following on from the difficult economic effects of the financial crisis, will present the global steel industry with one of its biggest challenges. The paralysis in decision making by steel consumers is already giving the steel producers serious problems. Reductions in orders and the subsequent production cuts are high on the agenda. Shorter working hours, cut backs in man power, a temporary suspension of raw material purchases, and numerous other cost cutting programmes, are steps taken by the responsible steel manager, in what is to be hoped a well considered response to the situation. However, the fact that these actions include attempts to cancel contracts should be a cause of concern to every traditional business man. At the same time, it also reveals the panic, insecurity and, ultimately, the helplessness of the decision makers.
Nobody is laughing
News - 11 Nov 08
In the present climate it is difficult to find even the slightest piece of positive news amongst the abundant media reports which deliver an unending supply of negative economic news. The state packages, strung together world wide, which have the intent of stimulating the economy, the latest one by the Chinese government to the tune of USD 590 million, need to be viewed in different ways. It is questionable just how far this planned state spending can go to bring about an enduring contribution in helping the economy recover, and it must be asked if it may just lead to an increase in the national debt, without having any lasting effect. Furthermore, these steps, hastily put together, show only too clearly just how serious the state of the world economy is. The announcement of these packages can only help support share prices and commodity values in the short term.
Just one Greenspan does not make a crisis
News - 16 Oct 08
Traditionally the LME week has just taken place in London, this year between the 13th and 16th October. This is the rendezvous point for all those involved with this renowned metal exchange. It encompasses not just managers, but also the employees, the representatives of the producers and those of the consumers, and of course, not to be forgotten, also brokers and the bankers, although, due to the recent developments in the banking sector, these were keeping a more lower profile than usual. Actually, however, the whole atmosphere was difficult to describe. To let this go just as it was, however, is not really appropriate to the situation, as a feeling of paralysis and helplessness could be felt, along with a loss of orientation and perspective, usually seen which at other times has been seen there. This mixed up situation has resulted especially from the never ending bad news about the banks world wide, and also the falls in the stock markets, unforeseen by the majority of participants.
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