ARCHIVE FOR OCTOBER, 2006
Panama Canal Expansion Gets ‘Go’October 30th, 2006 / Aluminum Foil/Sheet
Voters in Panama have approved a referendum for a $5.3-billion expansion of the Panama Canal, expected to double the canal’s capacity by 2014. The referendum passed by a margin of 78% to 22%. The project will add a third set of locks, each 1,400 feet long and 180 feet wide, giving bigger freighters carrying up to 12,000 containers a route through the passage.
Many more new freighters being delivered are capable of carrying in excess of 10,000 containers. Ships classified as panamax-the largest ships that can navigate the canal currently-can generally carry no more than 5,000 containers. As a major corridor for delivery of copper from Chile, the project could make the transporting of metals easier by adding capacity to meet the growing demand for raw materials worldwide.
American Metal Market. October 24, 2006
Stainless Looking for November Relief as Prices MountOctober 10th, 2006 / Stainless Steel
With September winding down and surcharges set to go up again in October, stainless steel buyers continue to face high prices and tight supply. Views are mixed on how the picture will play out for November. Some stainless suppliers are letting inventories dwindle in hopes of a smaller surcharge in November while others are softening prices as a way of attracting business and ridding themselves of high-priced metal in fear of a price decrease.
Prices have been rising dramatically since the beginning of the year because of both base price and surcharge increases. The demand is still very strong and availability is still very tight now and it’s leading some users to find alternatives.
A presenter at the Metals Service Center Institute’s Economic Summit: Forecast 2007 event in Schaumburg, Ill. predicted stainless would decrease next year.
American Metal Market. September 28, 2006.