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Insight
22 Jul | No more holding back for Usiminas
Usiminas’ $14bn investment plan, recently unveiled by newly installed president Marco Antonio Castello Branco, was warmly welcomed by its shareholders following complaints that the group had become too conservative with its investment decisions. Acquisitions are next in line for the new head.

16 Jul | Steelmakers flex their muscles on contracts
Ever since, steelmakers informed contract customers of a $250/t price increase to cover higher raw material costs they have been at daggers drawn. Many end-users were caught unaware that their annual contracts did not mean a guaranteed fixed price for the steel they bought. Both sides seem to be mellowing but the damage done maybe long term for steelmakers.

14 Jul | Steel shares suffer from profit taking
The bears have taken over the stock markets and the trading screens across the world have been a sea of red. Many analysts were puzzled, not by the bearish nature of the market, but by the initial assault on steelmakers’ stocks, which were totally unwarranted based on fundamentals.

Markets
18 Jul | EU longs price fall on lower demand and scrap decline
Activity in Western Europe’s longs product market has stagnated and prices are falling due to the seasonal lull in demand, market sources said.

18 Jul | Prices ease in East Asian scrap as demand slackens
Scrap prices are easing in East Asia due to lower seasonal demand and the ripple effects of the economic slowdown in some parts of the world being felt in the region, say traders.

18 Jul | High stocks keep Turkish scrap prices in check
Turkey’s scrap market has experienced further price softening over the past two weeks as mills have sufficient stocks and are currently under no pressure to buy, market sources said.

17 Jul | Turkish mills unconcerned by summer lull in longs prices
Turkish longs producers are optimistic about the price trend for the coming months in the belief that recent fluctuations do not signal the start of a downward trend.

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CRU EVENTS
11th World Stainless Steel Conference
21-23 September 2008
Hilton, Brussels, Belgium
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CRU EVENTS
2nd North American Steel Conference
29-31 October 2008
Marriott Downtown, Chicago IL
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