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Market Vectors Steel ETF

6/20/2013, 12:45 AM ET

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Tuesday, June 11, 10:21 AM The EU plans to seek a WTO ruling against Chinese duties on specialized steel tubes, EU sources tell Reuters, opening another front in an escalating trade conflict with China. The filing, which may come later this week, would signal that the EU is willing to take action against duties it views as based on retaliation rather than objective evidence. 1 Comment [Commodities, Global & FX]
Thursday, May 30, 11:47 AM Prices of iron ore hit a seven-month low today, and are down 30% since hitting a year high in February, as prices get hit by a demand slowdown in China and a glut of supply. Analysts are predicting more declines, with Westpac projecting iron ore prices to drop to as low as $85 a ton by the end of September. Liberum Capital notes that its channel checks show the price may fall below $90 a ton. "The market is flush with product at the moment," says RBS Morgans resources analyst James Wilson. "Pricing power has switched from the iron-ore miners to the steel mills." 7 Comments [Commodities, Global & FX]
Tuesday, May 28, 5:47 PM Goldman Sachs cuts its 2014-15 EPS estimates for steel producers due to lower expected steel prices (SLX) and only modest increases in orders despite macro data indicating an improving market. Price-sensitive names AK Steel (AKS) and U.S. Steel (X) could suffer further declines, the firm says as it prefers specialty companies such as Reliance Steel (RS) and Carpenter Tech (CRS). 1 Comment [Commodities]
Friday, May 24, 2:57 PM Recent price increases announced by AK Steel (AKS -1.4%), US Steel (X -0.3%) and ArcelorMittal (MT -0.9%) are unlikely to stick, Credit Suisse believes, as the sector's fundamentals suggest steel stocks are likely to remain range bound this summer. However, the firm predicts stronger demand trends are likely to drive steel stocks higher by fall. Comment! [Commodities]
Thursday, May 23, 5:55 PM Serious overcapacity in China's steel industry is unlikely to ease in 2013, which could continue to hamper steel prices (SLX), analysts say at Platts Steel Market Europe conference. China is set to produce ~750M metric tons of crude steel in 2013 while capacity will rise to 950M, putting heavy pressure on steel prices in Europe and in the world steel industry as a whole. 7 Comments [Commodities, Global & FX]
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]

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