Weighing value. U.S. manufacturers are focused on the benefits they hope to gain from a stronger yuan, but a revaluation could also play havoc with contracts and send some metals tags higher.
Any move by China to revalue its currency could force a renegotiation of dollar-based contracts and send prices of many nonferrous metals higher, traders in the base and minor metals sectors said.
Management at Universal Stainless & Alloy Products Inc. has seen more growth in the first two months of 2010 than during all of 2009, leading the company to consider joint ventures and acquisitions as it looks to expand further.
The resale market for wide-flange beams is edging closer to the current mill replacement price, but it’s still not at a level that would support an increase due next month, market sources said.
| Natural gas | -5.34% |
| Ferrochrome | -1.80% |
| Lead | -0.93% |
| Gold | -0.76% |
| Copper | -0.66% |
| Zinc | -0.60% |
| Platinum | -0.35% |
| Aluminum | +0.34% |
| Nickel | +0.43% |
| Tin | +0.77% |
A deep and lingering recession has wrung risk-taking and overbuying out of the metals supply chain. Inventories are lean, consumers are wary and the body blow delivered by the downturn has prompted mills, distributors and OEMs to embrace a ‘new normal.’
Live News
