The Chinese language Securities Times paper has reported that the country may be considering selling their existing inventories of metals in an effort to raise supply and bring prices down. The move would mark an end to China’s stockpiling strategy. However the paper failed to quote a source for the information and China is notoriously secretive when it comes to its metal industry, so it is uncertain as to whether or not the rumours are true.
Nisshin and Nippon Co Deny Merger Talks
Nisshin Steel Co. and Nippon Metal Industry Co. have come out to deny reports in the Japanese media that the two companies are considering merging their operations at some point next year.
J.P. Morgan to Buy MF Global Shareholding
It has been confirmed that J.P. Morgan have agreed to purchase all of the shareholding of the defunct brokerage MF Global at a bidding process that involved a number of other companies.
New Stateside Construction Still in Slump
New Stateside Construction is still slumping, which has led to a drop in the demand for steel and copper as the company makes up about a third of the demand for the metals. However despite this other metal intensive markets are performing very well, off-setting the loss somewhat.
Steel industry makes a comeback in Bhutan
According to reports, inspite of dented by the global recession of 2008-09 wehich required government intervention, Bhutanese domestic ferroalloy and steel industry is now just behind hydropower in terms of export value to India. In 2010, while hydropower exports was around BTN 10.4 billion exports of base metals amounted to BTN 9.8 billion, making up almost 38% of all exports … Read More
Nippon Metal and Nisshin Steel Merger
On Tuesday, a plan to merger was announced by Nisshin Steel and Nippon Metal Industry for a deal that would create the second-largest maker of stainless steel in Japan. With combined market capitalization of $1.6 billion, the two companies are expecting to complete the merger by October 2012. A stand-alone value of $1.4 billion is possessed by Nisshin, which already … Read More
Ammunition and Railcars Aid US
The metal industry is receiving an unexpected boom from the ammunition and rail cars industry as both seem to be thriving despite the recent economic turbulence. This has led to an increase in demand for niche metal manufacturers and their products.
Gurkhas Hired to Railways
It has emerged that a security company are hiring former Gurkhas in an effort to defend railways from scrap metal thieves after thefts of various metals began to hit epidemic proportions.
MF Global Clients Face Delays
The clients of the US broker dealer MF Global’s British unit are to face further delays in having their positions confirmed and transferred after it emerged that a data flow problem within the failed company has slowed the process. Industry sources claim that a problem with London Metal Exchange (LME) data slowed the migration process.
Labour Party Calls for Clampdown
The shadow Home Secretary Yvette Cooper has claimed that the laws governing the scrap metal industry need to be revised after a spate of metal thefts have forced many home owners and businesses to fork out for new metal products.