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WSJ(1/7) Steelmakers Move Cautiously To Raise Prices [JHVLPSQ]
(From THE WALL STREET JOURNAL)
By Robert Guy Matthews
In an early sign that some steel prices may have bottomed out, steelmakers in
the U.S., China and some other countries are attempting limited price increases
and reopening a handful of mills that were closed because of weak demand a few
months ago.
It isn't clear whether the price increases will stick, however. Steel sellers
often announce price increases or special surcharges, only to relent in the face
of customer opposition or if rivals don't follow suit. Nor is it clear whether
the price increases reflect more demand or lower inventories.
Troubled auto makers, contractors, appliance and equipment makers have cut
back on their steel purchases. The majority of mills closed over the last few
months remain shuttered and many around the world are operating below 50% of
their capacity. The U.S. manufacturing sector recently reported that new orders
are at their lowest level in six decades.
But steelmakers signaled cautious optimism that there is enough demand to
support price increases in some parts of the world. Pittsburgh-based Allegheny
Technologies Inc. said it would increase its surcharges on electrical steel by
55% beginning in February to $321 a short ton. (A short ton is about 0.9 metric
ton.) Surcharges are tacked on to base prices, typically to account for
raw-material costs, and can change monthly.
AK Steel Holding Corp., based in West Chester, Ohio, said it is raising the
surcharge on February shipments of electrical steel to $165 a short ton from $10
a short ton. The percentage can't be calculated because the company doesn't
reveal its base prices.
ArcelorMittal, the world's largest steelmaker by output, said it will reopen
its wire rod mill in Georgetown, S.C., next Tuesday. The Luxembourg-based
company on Dec. 5 shut down much of the mill, laying off 300 workers, citing
slack demand and low prices.
In China, several steel mills have announced price increases ranging from 5%
to 25% for a variety of products. Baosteel Group Co. and Anshan Iron & Steel
Group Corp. said that they will raise their prices for hot-rolled coil steel, a
basic product that is processed into many steel applications. Baosteel also said
it will increase production at some of its mills.
In Turkey, the price of domestically produced hot-rolled coil will rise about
4.5% this month to $460 a metric ton as demand for construction has begun to
return. Japanese steel-industry executives said Tuesday they expect the steel
market to start recovering around midyear as inventories decline and steelmakers
reduce output.
Steel is a bellwether industry for the world economy because the metal is used
in everything from appliances to commercial construction to bridges. The
proposed price increases and isolated plant openings indicate that parts of the
global industrial base might be less anemic than they were.
Steel analysts, noting that the market remains generally weak, said the
proposed price increases may reflect decreased inventories rather than stronger
demand. "Steel demand will likely remain weak in 2009," according to Moody's
Investors Service. "We expect that the rate of downward movement will slow and
that a level of stabilization should occur in the second half."
U.S.-based steelmakers are banking on the proposed stimulus plan by the
administration of President-elect Barack Obama to spur consumption for
infrastructure projects, although that might not filter down to steelmakers for
a year.
Certain European countries are further from potential recovery, analysts said.
German, Ukraine and Polish mills are still scaling back production and laying
off workers in an effort to bring production in line with demand.