6/11/2010 3:41:00 PM
Banyan Capital Invests in Unbrako
Deepak Fasteners Ltd. received a INR700 million (U.S.$14.9m) investment from Banyan Tree Growth Capital, AltAssets reported.****************************************************************
6/12/2010
NEWS BRIEFS
Asian Steel Producers Expected to Hike Q3 Prices
Analysts seem room for more price increases among Asian steel producers, according to Fastener World.
Despite hiking prices an average of 13% to TWD 2,200 (US$68.01) per ton, China Steel Corp. of Taiwan is expected to raise prices by as much as TWD 1,000 (US$30) in the third quarter.
Iron ore and nickel price increases are driving down U.S. steel profits, while pushing Asian steel prices higher as consumption is widely anticipated to exceed the record output for 2009.
Many wire coil manufacturers, including Quintain Steel and Tycoons, are unsatisfied with China Steel.
“Wire suppliers point out that the increase margin of wire rod is comparatively low and does not completely reflect the real market condition. However, due to the insufficient materials for wire coils, they will increase the price in advance before CSC takes the action in order to reflect the real market condition.”
However, downstream screw and nut plants expressed support for China Steel’s performance.
“In the current stage, the economies of Europe and the U.S. are on the way to recovery, so customers are very cautious to make orders, making the cost transfer of screws and nuts difficult.”
China Steel has moderated its price gains for wire rod, helping exporters remain competitive in global markets. ©2010 GlobalFastenerNews.com
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