This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Joy Global Inc. Announces First Quarter Fiscal 2013 Operating Results

Global steel production in the fourth quarter increased by 3.5 percent year-over-year. Most of this production growth came from China and North America. With global steel demand expected to increase further in 2013, steel mills have begun to replenish depleted inventories of metallurgical coal and iron ore, which has provided further support to prices. Chinese iron ore stockpiles were in the range of 90 to 100 million tonnes for most of 2012, but by the end of January they were reduced significantly to 68 million tonnes. After reaching lows near $80 per dry metric ton range in September, seaborne iron ore prices have rebounded nearly 83 percent and remained near $150 per dry metric ton for the last two months.

Metallurgical coal is following a similar path, with expected additional demand in 2013 due to increased global steel production. After reaching lows in September of $140 per metric ton, metallurgical coal prices have increased 21 percent to reach $170 per metric ton. Metallurgical coal prices are expected to continue moving up as demand improves through 2013.

Global copper markets remain strongly positioned with improving demand expected from the global economic outlook. Refined copper was in supply deficit by approximately 250,000 tonnes for the year 2012. In 2013, completion of several mine expansions should increase mine supply, reducing the deficit. However, production disruptions due to labor strife, weather or geology are normal, and production targets have seldom been met. In addition, most of the projected production increases in 2013 are expected to come from high risk areas, such as central Africa, increasing the likelihood of supply shortfall. Demand could also surprise to the upside with continued improvement in the China economy.

The Company believes that the increasing number of key indicators that are turning positive will begin to increase commodity demand and provide support for prices. Although timing is uncertain, this will lead to additional approvals for mine expansions.

7 of 12

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs