Whirlpool Corp. wants in on increasing Chinese consumption of durable goods, and will buy Hefei, a maker of refrigerators and washing machines.
Via the FT: “The growth in sales of white goods in China has been increasing at more than 10 per cent a year for the past decade, according to industry estimates, although sales have been supported by government subsidies, especially among rural households.
“Whirlpool is determined to expand in emerging markets, especially Asia where it made just 5 per cent of its $18bn sales last year, up from 3 per cent in 2008. More than half of its sales are still in North America, but Latin America has grown to account for about a quarter.”
Meanwhile, the prices of 304 and 316 stainless coil and scrap in China have been asleep lately.
The nickel 3-month price saw the biggest upwards shift for the day, rising 2.8 percent on the LME to close at $14,875 per metric ton on Tuesday, August 13. On the LME, the spot price of nickel inched up 2.4 percent to $14,770 per metric ton. The cash price of primary Indian nickel finished the market day up 0.8 percent per kilogram.
For the fifth consecutive day, the price of Chinese ferro-chrome held flat. The price of Chinese ferro-moly continues hovering in place as well.
The price of Chinese primary nickel rose 0.6 percent.