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Denbury Resources Inc. Message Board

  • birdog40 birdog40 Apr 9, 2008 10:21 PM Flag

    steel exported?

    Yesterday we received our highest percent price increase in the 15 years that I hve been buying structural steel. Beams went up 12% and bar mill products went up 15%. Then I see this

    http://biz.yahoo.com/ap/080409/steel_sector_snap.html?.v=2

    The scuttlebutt is that the mills are exporting product and raised the domestic price to match what the can get abroad. The mills blame it on lack of availble scrap. This is something I mentioned here a while back. These stocks have made a nice run but Nucor looks fairly priced and has a nice yield.
    Birdog

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    • Big R & all,

      Below article excerpt from Jim Jubak--re: Fortescue that I mentioned a while ago. Austrailia, too has its problems it seems.
      Most of my stocks meandering here. Kicking myself for letting go of APA at 119---POT moves
      keeping me from total hang dog blues on that
      premature sell. Not redeploying into any energy adds yet. Some nice upticks overall while I was in Italy last week. Waiting for things to settle down or pullback--in line with Just & Peter's posts today.

      Great few days in Rome-- how could it not be with three architects, all of whom have taught in Rome, dragging me around. One fun pit stop was
      Cafe Greco--1760--- Shelly & Keats hang out, also
      Buffalo Bill swung by & his autographed picture is hanging on the wall to prove it. Green cake is the specialty-- made from pistachios- yes very green & very good. I do miss the outdoor cafe right out the front door---very convenient
      as a late night watering hole to sit & watch the youngins of all nationalities saunter by. Couldn't get over the girls in super spiked high heels navigating the cobble stones--didn't see one misstep- what a breed.
      PARK
      FSMUF article below:
      ---------------------------------
      Developments on a past column ( Jim Jubak)
      "Make money off China's nightmare": The first trainload of iron ore has rolled out of Fortescue Metals Group's (FSUMF, news, msgs) Pilbara mine and has been unloaded into stockpiles at the company's Herb Elliott Port in Western Australia.

      Shares of the iron-ore upstart would have rallied more on the news except for the turmoil in the Australian financial markets set off by the failure of Australian brokerage Opes Prime. The liquidation of bank loans to Opes Prime and margin calls have resulted in heavy selling pressure on shares of some Australian companies.

      Fortescue Chairman Herb Elliott and Executive Director of Operations Graeme Rowley sold 3.3 million shares that they had used as collateral for margin loans at brokerage Opes Prime. No other Fortescue officers or directors, including founder and CEO Andrew Forrest, hold shares through the brokerage, according to Bloomberg.

    • Birdog,

      Just a couple of years ago, the US steel manufacturers were worried that, at some point, there would be a flood of imports of cheap steel from places like China. Just the opposite has happened and for reasons that we all know about and have talked about here. When you're growing at 10% a year not only is your demand for basic building materials at a heightened level to build out the infrastructure--buildings, boxcars, bridges--but you also can pay a lot more for the materials because you have much more leverage on their value than a slow-growing economy does.

      But the other side of the coin is something to think about. When the Chinese and Indian economies slow a bit, and inevitably they will, you will see the Mother of All Cheap Steelfests. The question is, at that point, will we be in economic shape to promote development here again. At present, it is very hard to see how any urban commercial development make any sense. Certainly not retail and office at the numbers we're hearing about and probably not high end residential either. You could do it with forest products in the suburbs, I guess.

      Regards,

      Peter

 
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