Thursday, August 12, 2010

Materials Sector News-worries in china about overcapacity continues to overhang the steel sector-Bolivia protests bring mines to a halt –$$


· China steel prices tick up small this week but worries about overcapacity continues to overhang the sector; Baosteel expected to hike prices for Sept after cutting prices in Jul and Aug - Reuters    

· Wheat - Ukraine says it is considering placing a cap on its wheat exports; such a move would place further upside pressure on the price of the commodity  (FT); on Thurs, Ukraine customers officials prevented the export of ~28K tons of wheat b/c of incorrect paperwork.  Reuters 

· Wheat – the USDA crop report due out @ 8:30amET this morning; is expected to reveal a larger decline in world wheat stocks and a modest drop in global production (It is expected to cut its forecast of the world wheat crop by 11 million tones or 1.6 percent from last month's report) – Reuters 

· Wheat, corn stockpiles dwindle as Russia drought curbs output – Wheat stockpiles may hit a two year low as demand rises and d drought hits Russia’s crop. Inventories of corn are also expected to hit their lowest level since 2008. The U.S. Dept of Ag will update its forecast later today. Bloomberg

· Russia may not have grain for export after ban – Russia may not have grain available to export after the ban on shipments ends on Dec 31. The country might only export 4.5M tons of grain in the 2010/11 crop year, leaving no grain available to export once the ban expires. Bloomberg

· Gold - Cramer article - "why you should buy gold right now" -*blog*&par=RSS

· Gold gains as economic outlook dims; PGMs battered – Gold rallied Thursday, bouncing back from Wednesday’s losses as worries over the global economy prompted more safe-haven buying. Reuters

· Bolivia protests bring mines to a halt – Protests against the gov’t in Bolivia prompted Coeur D’Alene and Glencore to half production of their mines in the country. Reuters

· Sumitomo Metal delays Brazil mill startup – Sumitomo Metal said it would wait until mid-2011 to start its $1.6B pipe mill in Brazil, with full operation expected in 2012. Alibaba

· Salzgitter Q2 pretax profit misses estimates – Germany’s second largest steelmaker missed ests for 2Q profit and warned of uncertainty ahead amid volatility in raw material prices and gov’t austerity measures. Reuters

· Russia's Severstal US mills up for sale – Russia’s largest steelmaker has put some of its loss-making U.S. mills up for sale. Reuters

· Vedanta eyeing Cairn stake or assets – Vedanta Resources is in talks to buy assets or take an equity stake in Cairn Energy. Talks are said to be in advanced stage and a deal could be announced later this month. Reuters

· K+S ups potash sales target as demand returns, FY10 guidance weak – K+S raised its potash sales forecast for 2010 thanks to a global rebound in demand, although the company’s FY10 earnings outlook came in well below street estimates, sending shares lower in Germany. Reuters

· Rio Tinto aims to simplify structure – Rio Tinto said it will move forward with a plan to simplify its dual-listed structure through an internal buyback, with the first tranche being worth around $9.2B. Reuters

· Aquarius Platinum swings to profit on price gains – Aquarius Platinum saw a net profit in the year ended June as higher metal prices outweighed lower output due to the temporary closure of the Everest mine. XE.com

· AngloGold Q2 beats view, sees higher Q3 output – AngloGold posted better than expected 2Q earnings and said it sees a rise in 3Q output to 1.15M ounces. Reuters

· Novozymes lifts 2010 outlook as Q2 tops forecasts – The leading industrial enzymes maker posted a rise in profits for 2Q ahead of estimates thanks to higher revenues. The company also raised its 2010 EBIT and sales guidance. Futures Pros

· SON initiated Buy at Soleil.

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