wishnessyly.blogr.com - Tag 'steel' (RSS 2.0)

China's spending on real estate grows 25...

wishnessyly — Fri, 20 Jun 2008 16:19:52 +0200

Steel Property China's spending on factories and real estate grew 25.6 percent through May, led by property development and boosted by reconstruction work after snowstorms in January and February. Urban fixed-asset investment rose to 4.03 trillion yuan ($585billion) in the first five months from a year earlier, thestatistics bureau said, after gaining 25.7 percent in the fourmonths through April. Today's figure matched the median estimate of20 economists surveyed by Bloomberg News. Spending was more than the combined value of the economies ofThailand, Singapore and New Zealand. Economists are split onwhether three extra working days in May, inflation andreconstruction have disguised signs of a slowdown in the world'sfourth-biggest economy. ``Factoring in the extra working days, the Chinese economy hasactually slowed,'' said Qu Hongbin , chief China economist at HSBC Holdings Plc in Hong Kong. ``Growthwill keep slowing gradually because of weaker global demand forexports and monetary-policy tightening; inflation is the majorrisk.'' The yuan rose 0.1 percent to 6.8915 versus the dollar as of 3:14p.m. in Shanghai. The currency has gained 20 percent since a peg tothe U.S. currency was scrapped in 2005. Investment in real-estate development rose 31.9 percent in thefirst five months from a year earlier. Spending on non- ferrousmetals jumped 41.5 percent and that on coal surged 47 percent.

General Steel Co. moves to a larger loca...

wishnessyly — Fri, 20 Jun 2008 16:19:22 +0200

i-beam steel General Steel Corporation, a leader in thepre-engineered steel building industry, has moved from its originallocation to a new, larger complex in Littleton, Colorado. The move,which gives General Steel a total of 40,000 square feet, isindicative of the sales growth experienced by the company and itssubsidiaries. According to company representatives, growth is seenas key for the organization and its customers, and will furtherenhance the superlative level of service it provides. General Steel, a recognized industry pioneer, sells prefabricated steel buildings internationally and in all 50 states. The company provides customdesigns for churches, agricultural buildings, warehouses, sportsfacilities and small businesses, utilizing solid I-Beamconstruction and top quality pre-engineered components. General Steel ships their buildings from numerous facilities acrossthe country to minimize shipping costs for its customers, and backsits products with an outstanding 50-year structural warranty.Detailed blueprints are included with each project, and designrendering services are available at highly competitive rates. General Steel's buildings, which can feature decorative accessoriesand exteriors that make them virtually indistinguishable fromtraditional structures, are a good illustration of how far thecurrent industry has come from its industrial origins. General Steel's buildings are aesthetically pleasing and blend well with a varietyof architectural styles. "The General," well known through national advertisingprograms such as Paul Harvey's radio broadcasts, provides a freequote service and for qualified projects, can help with financingthrough an exclusive relationship with Helm Lending Group.

Steel down, utilities, shipping up

wishnessyly — Fri, 20 Jun 2008 16:18:51 +0200

light steel Asian stock markets traded flat on Tuesday, as investors werereluctant to take any major decisions following a lacklustersession on Wall Street. The Nikkei 225 index closed listlessly at 14,348.37, down 0.04%, or6 points, from Monday, while the broader Topix edged up 0.02%, to1,401.98, after yen stabilized at 108.52 against the U.S. dollar. Steel makers fell after brokerages downgraded companies like JFE Holdings (other-otc: JFEEF - news - people ) (down 1.0%, to 5,760 yen [$53.21]) and Kobe Steel (other-otc: KBSTY - news - people ) (down 2.7%, to 327 yen [$3.02]), but investors sought bargainsfrom recently laggard stocks, such as shipping and utilitycompanies. Boosted by a retreat in the price of oil, Tokyo Electric Power (other-otc: TKECF - news - people ) rose 1.0%, to 2,605 yen ($24.16); Chubu Electric Power advanced 3.0%, to 2,400 yen ($22.21), while Kansai Electric Power (other-otc: KAEPF - news - people ) gained 2.0%, to 2,300 yen ($21.28). New York's main oil futures contract--light, sweet crude for Julydelivery--hit an all-time high of $139.89 a barrel on the New YorkMercantile Exchange on Monday, amid uncertainty over Saudi Arabia'spledge to increase production. But eventually the contract pricedived, closing at $134.61. In the electronic trading in Asia onTuesday afternoon, the benchmark crude oil price declined by afurther 13 cents, to $134.44 per barrel. In Sydney, the S&P/ASX 200 rose 0.95%, to 5,422.70, while the AllOrdinaries index gained 0.9%, to 5,525.90, amid speculative buyingin banks, which rebounded from an early sell-off. "There was talk that one of the big four [Australian] banks wasgoing to do a major rights issue but that hasn't been confirmed,"said Rick Klusman, head of institutional trading at AequsSecurities. National Australia Bank (other-otc: NABZY - news - people ) rose 1.5%, to 27.97 Australian dollars ($26.31); Australia and New Zealand Banking Group (other-otc: ANZBY - news - people ) added 1.8%, to 19.75 Australian dollars ($18.60); and St. George (other-otc: STGKY - news - people ) was up 1.8%, at 29.57 Australian dollars ($27.82).

Export duty on long steel products hiked

wishnessyly — Fri, 20 Jun 2008 16:18:24 +0200

Long Steel New Delhi, June 13 In its continuing inflation-busting efforts, theCentre has raised the export duty on long steel products used inconstruction and infrastructure projects from 10 to 15 per cent,alongside clamping a flat 15 per cent ad valorem duty on all ironore shipments. Till now, iron ore exports attracted specific duties. These rangedbetween Rs 50 per tonne on fines having iron content up to 62 percent and Rs 300 per tonne on lumps and fines with ferrous contentabove 62 per cent. “In order to further strengthen a policy regime that enablesconservation of good quality ore and ensures its availability todomestic industry at a reasonable price, the effective rate of dutyon iron ore has been enhanced to a uniform rate of 15 per cent advalorem, irrespective of iron content,” according to aFinance Ministry release issued here on Friday. Given that the country has been exporting iron ore to China atabout $140 per tonne free-on-board (Rs 6,000 a tonne), a flat 15per cent duty would straightaway triple the effective dutyincidence to Rs 900 or so. Simultaneously, the export duty on long products of steel (bars androds, angles, shapes and sections, and wire) has been hiked from 10to 15 per cent “to improve their availability in the domesticmarket”. However, exports of flat rolled products (includinggalvanised products, pipes and tubes) – used in manufactureof cars and white goods – have been “fullyexempted” from duty. Currently, they range from five to 15per cent. Domestic car makes have been dealt a further blow. Cars with enginecapacity of 1,500 to 1,999 cc will now be charged to a specificduty of Rs 15,000 per cent over and above the existing 24 per centad valorem rate. The additional levy would be Rs 20,000 on carswith capacity of 2,000 cc and above.

Export duty on long steel products hiked

wishnessyly — Fri, 20 Jun 2008 16:18:23 +0200

Increased excise on vehicles needs more...

wishnessyly — Fri, 20 Jun 2008 16:17:53 +0200

non-alloy steel Cars above 1,500 cc engine capacity but below 2,000 cc capacitywill attract specific duty of Rs 15,000 per car and cars above2,000 cc engine capacity will attract specific duty of Rs 20,000per car. The excise duty on small cars i.e. cars below 1,500 ccengine capacity remains unchanged. The hike in excise duty comes weeks after some car manufacturershad hiked the prices of cars due to increase in the prices of inputs especially steel. Maruti Suzuki increased prices of itsmodels from Rs 1,000 to Rs 18,000 on May 20. Two days later,Hyundai announced a price rise of 0.75 per cent to 2 per cent. Hyundai vehicles became costlier by Rs 2,000 to Rs 20,000 from June1. Tata Motors followed suit last week by announcing a 1 to 2 percent hike in prices. Its multi utility vehicles became costlier by2 to 3 per cent. Lower demand, especially in the monsoon months,may, however, force manufacturers to come out with promotionalmeasures and attractive discounts. The steel sector also got special attention last week. Export dutywas fully exempted on flat rolled products of iron or non-alloysteel, hot rolled, not clad, plated or coated, flat rolled productsof iron or non-alloy steel, cold rolled (cold-reduced), not clad,plated or coated, flat rolled products of iron or non-alloy steel,plated or coated with zinc and tubes and pipes, of iron or steel.The rate of export duty on long products such as bars and rods;angles, shapes and sections and wire was hiked from 10 per cent to15 per cent. The Government rescinded the notification regarding export duty oniron ore fines and imposed uniform export duty of 15 per cent oniron ore irrespective of iron content and also on all sorts of ironore and concentrates. The iron ore exporters from Goa will now haveto make suitable representations to the finance ministry to enablethem keep their export commitments. The duty revisions might have everything to do with curbing pricerise of steel items and suitable relaxation that lower demandduring the monsoon months warrant but the overall impression isthat the steps are taken keeping in view the need for party fundsin the run up to the impending elections expected this year end,rather than mid-2009. The Government needs to explain its movesmore cogently to dispel such impressions. Area based excise duty exemption notifications have been amended toallow refund of 75 per cent of the duty payable for iron &steel, cement, starch and coco-butter, when these are manufacturedstarting from specified inputs in the same factory. The time limitfor filing application for revision of value addition rates havebeen revised and special provisions have been made for new units.