Glencore, Standard Bank said to be Pacorini suitors
Glencore International AG and Standard Bank Plc are interested in buying metals warehousing company Pacorini, according to rumors in the market.
Watch your step. OCTG buyers, unconvinced by July’s small price rise, are sitting tight as they await a fall. “It’s a very competitive market, you have to be very aggressive,” one distributor said.
Oil country tubular goods (OCTG) prices eked out a gain for an eighth straight month in July, according to one widely followed industry index, but markets sources cautioned that prices appear to be softening or have already fallen on the back of lower tags for substrate, especially hot-rolled coil.
Glencore International AG and Standard Bank Plc are interested in buying metals warehousing company Pacorini, according to rumors in the market.
| Steel, HR sheet | -3.45% |
| Gold | +0.47% |
| Tin | +0.70% |
| Platinum | +1.03% |
| Natural gas | +1.10% |
| Copper | +1.36% |
| Aluminum | +1.47% |
| Lead | +1.76% |
| Zinc | +2.30% |
| Palladium | +2.72% |
This time last year, the US steel industry’s capacity utilization was south of 50 percent and major markets were in full retreat. Twelve months have made a difference but ‘we still have a ways to go,’ says AK Steel’s James Wainscott, one of six executives who sat down with AMM at the AISI’s annual meeting in May to address a list of topics headed by the lack of a national manufacturing agenda.