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Market Vectors Steel ETF

5/22/2013, 12:36 AM ET

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Friday, April 26, 4:39 PM Steel prices have slumped sharply this month, prompting steelmakers (SLX) such as Nucor (NUE), ArcelorMittal (MT) and ThyssenKrupp to send out letters last week notifying customers that they would no longer offer discounts on index prices, WSJ reports. The effort to halt rampant undercutting faces challenges from other steelmakers that continue to offer discounts and special deals. Comment! [Commodities]
Monday, March 4, 2:09 PM Caterpillar (CAT -2.2%) is the Dow's worst performer today amid renewed concerns about economic growth in China. As China looks to curb rising home prices, the likely result would be lower demand for basic materials. The impact is hitting heavy equipment manufacturers such as Joy Global (JOY -3.9%), diversified miners including Cliffs Natural Resources (CLF -6%), and steelmakers (SLX -2.2%). Comment! [Global & FX, On the Move]
Tuesday, February 26, 3:57 PM PowerShares has shuttered 13 ETFs, representing less than 1% of the issuer's AUM, as of today's close. Affected funds follow (with competing funds in parentheses): PIC (KIE, IAK, KBWP, KBWI), PYH, PJB (IAT, KBE, KRE, RKH, QABA, KRU, KRS, KBWR), PSTL (SLX), PLK, PWND (FAN), PMA, PKOL (KOL), PKN (NLR, NUCL, URA), PTO, PAO, PCA and CVRT. (pdf) Comment!
Wednesday, January 23, 12:25 PM More Einhorn: A new bearish thesis, Greenlight has shorted a number of stocks in the iron ore sector, believing the billions miners have spent growing capacity is coming online as global demand growth for steel fades. The big late-year rally in iron ore prices - and stocks like RIO, BHP, VALE, CLF, to name a few - looks to have made a good entry point. 3 Comments [Commodities, Global & FX]
Friday, January 11, 2:21 PM Stocks in the materials space are among the weakest performers, as miners and steelmakers weigh following hotter-than-expected Chinese inflation data. Among non-precious metals: WLT -5.8%, CLF -4.3%, CENX -9.2%. Also, BHP Billiton (BHP -2.6%) and Rio Tinto (RIO -2.9%) were both downgraded to Neutral from Outperform at Macquarie. 10 Comments [Commodities, On the Move]
Monday, December 31, 2012, 2:49 PM Steelmakers are among those profiting from the crashing natural gas prices triggered by the U.S. shale gas boom. By relying on gas instead of coal to purify the iron ore used to create steel, manufacturers are able to lower production costs for the first stage of steelmaking by about 20%. Nucor (NUE) plans to start work on a gas-powered $750M Louisiana plant in mid-2013, and could announce plans for a second plant in the coming year. 10 Comments [Commodities]
Friday, December 7, 2012, 3:18 PM AK Steel (AKS -0.2%) increases current spot market base prices for all carbon flat-rolled steel products by $30/ton, effective immediately with new orders. Platts spot prices have jumped 10% to $644/ton from $580 in mid-October, sparked by the strong U.S. auto market, periodic shortages related to mill outages, and high demand in local markets such as shale regions in need of steel drilling pipe. 1 Comment [Commodities]
Friday, December 7, 2012, 10:42 AM Spot prices for benchmark hot-rolled steel have basically stagnated over the last two years, but recent increases of ~10% suggest customers are accepting somewhat higher prices due to a stronger market and to prevent the values of their own inventory from falling. Prices are expected to continue firming as the eastern U.S. starts rebuilding after Sandy. Comment! [Commodities]
Wednesday, November 28, 2012, 10:55 AM The steel industry is suffering from chronic over capacity, with production ability of 1.8B tons but expected 2012 orders of just 1.5B tons. And instead of cutting back, the sector is building more mills, often supported by governments. Major problems include the fragmentation in the industry and the political difficulties of closing plants - witness ArcelorMittal's (MT) travails in eastern France. 3 Comments [Commodities]
Tuesday, October 2, 2012, 12:15 PM The most important news of recent days, writes Akram's Razor, was the $1B buyout bid for debt-laden Australian iron ore miner and steel producer Arrium. It suggests the point at which beaten-up metallurgical coal names and leveraged iron ore and steel producers become bait for mining giants or Asian/Middle Eastern buyers has moved closer. Some obvious picks: ANR, WLT, CLF, or X. 3 Comments [Quick Ideas, Global & FX, Commodities]
Tuesday, September 11, 2012, 2:25 PM Shares of coal (KOL +1.5%) and steel (SLX +2.3%) companies continue to rise after last week's news that China would fast-track ~$150B in infrastructure spending plans. Investors hope China will soon announce another stimulus that will bolster demand for raw materials. Among today's top gainers: CLF +6.4%, ANR +6.1%, DNR +4.4%, X +4.2%, BTU +2.8%. Comment! [Commodities, On the Move]
Friday, September 7, 2012, 12:17 PM The steel industry remains burdened with chronic structural overcapacity that will take at least seven years to eliminate, Credit Suisse says, but demand looks to be at the low end of the cycle, suggesting an upturn in the steel market is likely by 2013 or 2014. In such an environment, the firm favors MT, RS, NUE, PKX, TX. 1 Comment [Commodities, On the Move]
Friday, September 7, 2012, 11:08 AM Metal and mining firms are among today's top gainers on China's plans to spend $156B on infrastructure and Glencore's raised buyout offer for Xstrata. Coal is enjoying a big day, with Alpha Natural (ANR +14%) the S&P's biggest advancer. Other coal (KOL +5.2%) names: CLF +11%, BTU +9.6%. Steel (SLX +5%) names: X +7.1%, AKS +9.1%. Also: FCX +6.9%, JOY +6.8%. 1 Comment [Commodities, On the Move]
Tuesday, August 28, 2012, 9:47 AM Siemens (SI), GE and start-up backed by Bill Gates are among those developing different methods for storing surplus energy. It's not just about batteries, with one technique using excess electricity to pump compressed air into caves and then releasing that air to generate power when needed. The storage is needed to cope with the vagaries of solar and wind energy. 16 Comments [Energy]
Monday, August 6, 2012, 8:43 AM China's steel output may post its first annual decline in 31 years, according to an industry report. Overcapacity in China's steel industry is such that even a small cut is not likely to affect the surge in exports to the U.S. and elsewhere. Earlier: No profits for Chinese steel firms. Comment! [Global & FX]
Tuesday, July 31, 2012, 7:26 AM Aggregate profits at Chinese steel companies are off 96% Y/Y through H1, according to the country's Iron & Steel Association. Profit margins have slumped to just 0.13% from 3.06% as massive production overcapacity has the nation continuing to pump more metal out than the domestic and global economy needs. AreclorMittal (MT) earnings. 1 Comment [Global & FX, Commodities]

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