US Raw Steel Production Rebounded Last Week
US raw steel production rebounded 2.1% last week as mills operated at an ACUR of74.4%. In the corresponding week last year mills operated at an ACUR of 70.8%. Thus far this year mills have produced prox 70,000,000 tons compared to the prox 67,000,000 tons produced in the like period last year.
US Drill Rigs Running Slipped Last Week
The number of drill rigs running in the US slipped by four last week to 936, led by Texas (down 3). Canadian drilling also retreated by four rigs compared to the previous week (209). AMM
Short-Term Interest Rates Likely to Rise
Most Federal Reserve Bank officials believed at their meeting last month that they would likely raise short-term interest rates again this year, though some said their decision would hinge on whether inflation picks up in coming months.
The key question for policy makers is whether the recent soft patch in price increases is temporary of whether it reflects longer-lasting developments, according to minutes of the central bank’s Sept. 19-20 meeting. WSJ
Republic Steel “Electrode Surcharge” Coming
Here is a new one: Republic Steel has announced it will implement an “electrode surcharge” (prox $60.00/per ton) with shipments starting January 2, 2018, due to a “dramatic escalation of the global cost of electrodes,” the company said in an October 10 letter to customers.
Electric arc furnaces use graphite electrodes, which are also employed in ladle furnaces via the blast furnace/basic oxygen converter route.
Here is the problem: Tightness in Chinese electrode and needle coke supply—the primary raw materials for graphite electrodes used in steelmaking—has curbed the amount of material available, and China’s own electrode consumption is rising as electric arc furnaces are melting more scrap rather than charging hot metal.
Chinese electrode EXPORTS are likely to dwindle to 100,000 metric tons this year from 200,000 metric tons in recent years.
Consequently, Chinese traders are currently offering electrodes spot at around $15,000-$20,000 per metric ton, from around $5,500-$6,000 for western producers in longer term contracts; mills with such contracts will have no issues securing supply but it will be tough for them to increase production given limited availability, a source at one producer said. Platts
What is it the left is trying to accomplish?
It is a fact that the top 10% of wage earners pay 71% of the taxes paid. Why would you want to punish those who contribute the most? Because it is a convenient talking point for them and those who do not do their own research, tend to believe this nonsense. Everything is a give-away to the rich with lefties, healthcare was a giveaway to the rich, the tax reform and/or tax cuts will be a giveaway to the rich. These platforms do nothing positive for the people of this country.
Infrastructure X (Keystone & Dakota pipelines) Regulation Reform XX 1 in 2 out
Individual Tax Reform Entitlement Reform
Business Tax Reform Education Reform X
Healthcare Reform X rollback begun Veterans Administration Reform X
Rebuild our Military X Trade Reform X
Secure our Borders (The Wall) XX Lead the world from the front XX
Help for the poor Drain the swamp X as we speak
Peace through unmatchable strength Support Israel X
Destroy ISIS X Extreme Vetting XX
Conservative Supreme Court nominees XX American Jobs XX
I will track these campaign promises and will check them off as each is accomplished adding those I have missed as they become apparent. This is quite an agenda and will be difficult to achieve all in one term but I believe the American people are behind him and know these things need to be done. Now, if he can get our legislators to support him instead of fighting him….
“MAKE AMERICA GREAT AGAIN”
Have a great weekend…. God bless America!
Buy American made products whenever you can, it’s good for you, good for your friends and neighbors and good for our country.
If you are hiring…try to hire a veteran…. they are loyal, disciplined, hardworking…and they deserve our support.
By the way, if you wish to comment on my rants or offer any other insights you may have, you are encouraged to email me.
TEDDY ROOSEVELT ON IMMIGRANTS IN AMERICA…1907
In the first place, we should insist that if the immigrant who comes here in good faith becomes an American and assimilates himself to us, he shall be treated on an exact equality with everyone else for it is an outrage to discriminate against any such man because of creed, or birthplace, or origin. But this is predicated upon the person’s becoming in every facet an American and nothing but an American. There can be no divided allegiance here. Any man who says he is an American, but something else also, isn’t an American at all. We have room for but one flag, the American flag…We have room for but one language here and that is the English language…and we have room for but one sole loyalty and that is a loyalty to the American people.”