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Brazil's iron ore price jumps 65%, pushing steel higher
Major Asian steelmakers Iron ore price agreements with to US$190 per metric ton and the steel could not be moved from
agreed to a 65% increase for Nippon Steel Corp. and JFE Steel second quarter price could jump mills to dealers and fastener
iron ore from Brazilian miner Corp. of Japan and Posco of South US$100. factories. "The snow storm also
Vale effective April 1, 2008. Korea are likely to increase prices damaged many facilities around
to Chinese steel makers as The tight supply will impact the country," Park said.
Jikyoon Park, director of contracts expire. factories without large quotas
purchasing for XL Screw from major steel mills such as In just one month, Taiwan
Corporation, predicts another 5% Wire rod dealers in Taiwan and CSC and Baosteel of China, Park
material costs have gone up by
to 10% fastener price increase China have stopped selling in added. Smaller factories "have no
about US$96/mt (11%) for low
from Taiwan and another 7% to anticipation of getting higher choice but to buy material they
carbon steel; US$120/mt (13%)
15% increase from China in the prices as soon as steel mills need from local wire rod dealers
for medium carbon steel;
next three to six months. announce second quarter prices, at spot market price," Park
US$96/mt (9%) for alloy steel.
Park explained. Taiwan steel explained.
Steel prices in China have jumped
Park told FastenerNews.com the producer China Steel Corporation
iron ore prices will result in "more is expected to announce second Subsequently some fastener
5% to 7% since the lunar New
price increases, a shortage of quarter prices on March 6. factories are refusing orders
Years holiday.
steel and longer lead times. High unless customers agree to late
prices are here to stay with some "Our suppliers are predicting that August delivery because they
What will happen after hosting
small degree of fluctuation either CSC will increase prices 13% or cannot get the wire rod they
the Olympics this summer "is
way. There is a lot more upside more," Park reported. CSC has need. Even the winter weather in
anyone's guess," Park told
than downside in price." been the lowest price at US$150 China has constricted supply, as FastenerNews.com.
Eck to succeed Grubbs as Anixter CEO
Robert Grubbs will retire as president and Physical Security Products and Integrated Walters Hexagon and Distribution Dynamics.
CEO of Anixter International Inc. at the end Supply.
Anixter Fasteners' 2,000 employees provide
of June 2008. Grubbs, who has held those
more than 185,000 products from 75 facilities
posts since 1998 and has been with Anixter
After promising in 2005 to build a world-class
in the U.S., UK, Canada, France and Italy.
for 30 years, will continue to serve on the
fastener business, Anixter acquired UK-based
company's board of directors.
Infast Group (2005); Italian fastener distributor Sales for Glenview, IL-based Anixter topped
MFU Holding SpA (2006); aerospace fastener
US$5.85 billion in 2007, including 13.7%
Anixter COO Robert Eck, 49, will succeed
distributor Eurofast SAS (2007); and UK-based
revenue growth to US$4.1 billion in North
Grubbs. Eck has been with Anixter for 17
fastener distributor Total Supply
America.
years, holding senior management positions,
including executive vice president of
Solutions Ltd. (2007). The companies
Enterprise Cabling and Security Solutions
became part of Anixter Fasteners,
China's Baosteel increases
(2004-2007) and senior vice president –
which includes Anixter Pentacon,
Prices 17% to 20%;
Fastener prices to follow
U.S. fastener maker touts weak Dollar benefits
Baosteel of China announced steel prices will jump
17% to 20% as raw material costs surge.
While domestic consumers bemoan a European sales representatives and the
weakening U.S. dollar, a Connecticut Fastener Fair."
"This increase is much higher than market expectation,"
fastener manufacturer issued a press
release touting the benefits of lower Crescent said more U.S. companies are
Jikyoon Park of XL Screw reflected. "Our Chinese
domestic currency value. opening plants in Europe, prompting
suppliers just notified me that all pending quotes are
many U.S. distributors to open offices to
null and void and subject to final confirmation by their
Burlington-based precision fastener support their customers. "This seems to factories."
supplier Crescent Manufacturing said a have peaked some interest in U.S.
weak U.S. dollar presents "strong fastener manufacturers by other
Previous predictions of 7% to 15% fastener price
international opportunities." European distributors as a viable source."
increase in the next three to six months "is already
"With the softening of the U.S. dollar
Crescent cited "significant" interest for its
here," Park told FastenerNews.com. "Inventory in our
against the European euro over the past
products at Fastener Fair Stuttgart in warehouses and many open orders have significantly
year, many European marketing
September 2007.
cheaper cost compared to inventory that will hit our
opportunities have presented themselves
door after April 2008."
to US manufacturers," the company
Crescent supplies fasteners and
components to distributors in the
stated. "Crescent Manufacturing has
aerospace, aviation, automotive, military,
The steel price increase in China follows an agreement
expanded its international markets with
electronic and telecommunications
by major Asian steelmakers to a 65% increase for iron
the help of [the company] website,
industries. ore from Brazilian miner Vale effective April 1, 2008.
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