Futures In Focus: Steel

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Sept. 10 (Bloomberg) -- On today's "Futures In Focus," Bloomberg Industries Kenneth Hoffman discusses the price of steel with Scarlet Fu on Bloomberg Television's "In The Loop." (Source: Bloomberg)

All three getting removed from the list of 30 companies that make up the dow jones industrial average.

It is now time for futures in focus.

Steel futures retreating from a one-week high as tiny steel mills increased production.

For more, i am joined by ken hoffman who follows the building material.

Why is china increasing production right now?

Tennessee in great demand.

One of the most heavily-traded contracts is iron ore.

This exploded from $100 to hundred $40.20 months.

-- to $140 in two months.

Every part of the world is different.

If we look at european steel come a pretty bad.

If you look at the u.s., we are finally trading to keep still out.

Things are really good.

Capacity utilization near 80%. we do a special thing where retracts deal profitability on the second by second basis.

That has gone from a loss and make, started to make money in june.

They all come out with pretty good numbers in terms of the steel company.

The u.s. is doubling capacity from 3 million metric tons to 6 million metric tons.

That is something amazing.

You talk about the middle east.

Show guest, shell gas.

Great for the steel industry.

Obviously we cannot get away from syria.

That is interest rates.

Does the fed said we will not to taper because we're worried about syria?

Therefore, interest rates have an issue.

Or the fed does paper in takes interest rates away.

That is the negative part of it.

As of today, things look pretty good.

You have written research on massive steel over capacity.

How will this affect prices and a year's time?

For europe, a disaster.

Something in order that the million metric tons.

They need to cut it.

Europe will be a mess for a long time.

The u.s. looks good.

China has been talking about steele cuts, but they do not do it.

The government seems to always bail them out.

Thank you.

Ken hoffman of bloomberg industries joining us for today's futures in focus.

On the markets once again in 30 minutes.

"market makers' is up next.


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