December 2007

In the last 5 years India has emerged as the 3rd largest global supplier of spot iron ore, behind only Brazil and Australia. With current spot prices reaching almost US$ 200 in November, this is a strategic and vital resource for the steel industry. Some analyst predict a 25% to 50% year on year increase in 2008 on long-term contracts.

China consumes over 50% of the international seaborne ore, and its steel industry is growing at a pace at which the mining industry cannot match in bringing new projects.

April 2007

China has abolished the VAT export rebate on many types of finished steel, and reduced it to 5% for more high valued products. The new rebates apply to all products that clear China Customs on or after April 15, 2007, SBB understands.

Prior to this announcement, an 8% VAT rebate applied to all exports of finished steel leaving the mainland. This was cut from 11% in September last year (effective for shipments after December). In addition, a 10% tax was applied to all semis exports in late October 2006, effective from the start of November. This remains unchanged.

The rebate will now be 5% for exports such as tinplate, color coated, non-alloy steel forged bars and silicon steels. Most types of CRC and HDG will also enjoy the 5% rebate. The rebate has been abolished for hot rolled plate, hot rolled coil, sections, H-beams, I-beams, channels, merchant bars, angles, wire rods and most other longs, SBB understands.

Most stainless steels - with the exception of low-nickel containing series - will continue to enjoy a 5% rebate. However, the rebate has been abolished for exports of ferro-manganese stainless with nickel content of less than 7% (200 series).

The move follows reports that China's March finished exports topped 5m tonnes. In February, the figure was around 4.4m tonnes.
 

January 2006

Officials reported that Purchase Partners has committed to be a player in the Threaded Rod Market.  Inventories shipped in 2006 are projected at 4,000,000 feet.

November 2005

Purchase Partners Awarded Contract Supplying Forgings to Hummer Market

Officials reported that a new deal was struck to supply forgings to the Hummer market.  In a recent corporate announcement, Mr. James McLaughlin, Vice-President, stated that Purchase Partners has been growing their business with Automotive suppliers in the USA in 2005, and remain focused on continuing their steady growth in an even cross section of manufacturing areas to keep the company sales diversified.   

February 20, 2005

New Distribution Center Opened April 2005

Officially as of April 2005, Purchase Partners St. Louis Distribution Center relocated to a new facility that contains two over-head cranes with capacities of 20,000 lbs.. and 50,000 lbs respectively.  The new facility will also expand their immediate pallet capacity by more than four (400) hundred pallet locations and for the future by more than one thousand (1,000).In a recent corporate announcement, Mr. James McLaughlin, Vice-President, stated that the move was a direct result of the companies growing sales in Turnkey Assemblies, Castings and Threaded Rod.

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