Smuggling crackdown, stronger manufacturing to boost rare earths prices

Stronger, more stable pricing anticipated as China plans to list rare earths futures on SHFE



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New Zealand co-op cuts fertiliser prices on weaker international rock phosphate values

Importer of North African phosphate reports declining core ingredient costs but rising prices for magnesium sulphate and boron



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Cambodian Court Frees 25 Charged With Garment Strike Offences

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China Tech Firms Gain From Cyber Barbs, Snowden Revelations

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Friday: Personal Income and Outlays, Chicago PMI, Consumer Sentiment

From the WSJ: Borrowers Tap Their Homes at a Hot Clip

A rebound in house prices and near-record-low interest rates are prompting homeowners to borrow against their properties, marking the return of a practice that was all the rage before the financial crisis.



Home-equity lines of credit, or Helocs, and home-equity loans jumped 8% in the first quarter from a year earlier, industry newsletter Inside Mortgage Finance said Thursday. The $13 billion extended was the most for the start of a year since 2009. Inside Mortgage Finance noted the bulk of the home-equity originations were Helocs.



While that is still far below the peak of $113 billion during the third quarter of 2006, this year's gains are the latest evidence that the tight credit conditions that have defined mortgage lending in recent years are starting to loosen.

This is still a low level (not really a "hot clip"), but this is an increase from last year. I've been expecting Mortgage Equity Withdrawal (MEW) to turn positive soon, and maybe the Q1 Flow of Funds report will suggest positive MEW (to be released by the Fed on June 5th).



Friday:

• At 8:30 AM, Personal Income and Outlays for April. The consensus is for a 0.3% increase in personal income, and for a 0.2% increase in personal spending. And for the Core PCE price index to increase 0.2%.



• At 9:45 AM, Chicago Purchasing Managers Index for May. The consensus is for a decrease to 61.0, down from 63.0 in April.



• At 9:55 AM, Reuter's/University of Michigan's Consumer sentiment index (final for May). The consensus is for a reading of 82.5, up from the preliminary reading of 81.8, but down from the April reading of 84.1.



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Price Briefing 23 – 29 May

Metso confident of mining industry turnaround while Iluka warns of challenges for minsands



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Chinese deadburned magnesia prices stable in slow market

Fledgling steel recovery yet to boost refractory raw materials



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Regional housing price disparities increased following the economic downturn

House prices in the UK rose by 5.5% in the year to December 2013



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Prices lag rising consumption in industrial markets while speciality grades look up

Bauxite values stable following Q1 price rises; Paper grade kaolin prices increase as costs bite; Rutile “tough” business in China-led market



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Fanya activity and China-Vietnam tensions push up antimony prices

Short term influences veil weak market fundamentals but values may have bottomed



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SQM expects iodine prices to suffer further in 2014

Values could drop below $40/kg in 2014 as company strives to regain market share



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Friday: New Home Sales

First, a couple of manufacturing releases earlier today for May ...



From MarkIt: Markit Flash U.S. Manufacturing PMI™, Output rises at fastest pace in over three years

Operating conditions in the US manufacturing sector continued to improve during May, with strong rises in production and output complemented by further payroll growth.



After accounting for seasonal factors, the Markit Flash U.S. Manufacturing Purchasing Managers’ Index™ (PMI™) improved to 56.2 in May, up from April’s 55.4.

From the Kansas City Fed: Growth in Tenth District Manufacturing Activity Expanded Solidly

The Federal Reserve Bank of Kansas City released the May Manufacturing Survey today. According to Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City, the survey revealed that growth in Tenth District manufacturing activity expanded solidly, and producers’ expectations for future factory activity remained at healthy levels.



“This was the third straight month of solid growth at factories in the region, following some weather-related weakness in previous months”, said Wilkerson. “More factories than in recent surveys were also able to raise selling prices.”



The month-over-month composite index was 10 in May, up from 7 in April and equal to 10 in March

Friday:

• At 10:00 AM ET, New Home Sales for April from the Census Bureau. The consensus is for an increase in sales to 420 thousand Seasonally Adjusted Annual Rate (SAAR) in April from 384 thousand in March.



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Price Briefing 16 – 22 May

Antimony prices stabilise; Imerys raises charges for diatomite and perlite filtration products



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What The Numbers Say About Your Profession

Salary stats might just be numbers, but they reflect the perceived relative value that professional titles apparently hold. So, it’s good to see that procurement ranks so high.

CPOs are numbers people, so here are six numbers to think about:

1. 209,954

2. 264,742

3. 301,391

4. 302,174

5. 109,760

6. 295,037

So, what do those numbers refer to? They’re compensation figures.

The first four are from a web site called salary.com and they’re based on HR reported data for the US. Number one is the median salary and bonus for top engineering executives in the US. Statistically, the median is the point where half the respondents get paid more, and half get paid less.

Number two is the reported median salary and bonus for a top marketing executive. The third salary and bonus figure is the median for a top R&D executive. Next is the median for a top sales executive.

The fifth number comes from the magazine Logistics Management, and reflects the top salary and bonus for a logistics director.

Finally, we come to the last number. It’s the average base compensation for a chief procurement officer, according to the latest salary survey conducted by the Institute for Supply Management in the US. ISM released its survey two weeks ago.

All the numbers - particularly the last - are interesting by themselves, but their greater significance is in their relationship to each other. To the extent that the numbers are accurate and reliable - and remember, they come from different surveys and different sources and are probably based on different survey criteria - they reflect the perceived relative value each of the professional titles apparently hold. So, it’s good to see that procurement ranks so high.

Of course, these are raw numbers without context except for my pitting them against each other. Later this year, Procurement Leaders will release the results of its own most recent salary survey, and there will be plenty of context to consider in it. Last year’s survey reported CPO salaries in some 24 countries, and broke down salary and benefits numbers by such criteria as organisational spend, category, and gender, to name a few.

As Rutgers professor, former Colgate Palmolive CPO, and most recently, winner of the Procurement Leaders Lifetime Awards Don Klock said in Procurement Leaders’ latest cover story (“How procurement has changed the world”): "Inflation, commodity shortages and risk management all put focus on procurement."

It’s gratifying to see from these numbers that the focus is giving procurement the respect it deserves.

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Antimony prices steady as Fanya ramps up stocks

Trioxide grade and ingot values level out after April declines



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Imerys raises filtration mineral prices by up to 10% in North America

Price increases reflect rising production costs; energy surcharge remains in effect



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More Than the Cherry on Top

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Fed's Dudley: Expect Long Run Fed Funds Rate to be well below the 4¼ percent average level with 2 percent inflation

An important speech from NY Fed President William Dudley: The Economic Outlook and Implications for Monetary Policy. A few excerpts on housing:

On the housing side, residential investment has stalled out over the past few quarters. Although I expected some slowing due to the rise in mortgage rates in the middle of 2013, the extent of the slowdown has surprised me given that the recent pace of housing starts—roughly 1 million per year—is far below what is consistent with the economy’s underlying demographic trends.



I think housing has been weaker than anticipated because several significant headwinds persist for this sector. First, mortgage credit is still not readily available to households with lower credit scores. Second, some people are coping with higher student loan debt burdens that have delayed their entry into the housing market as first-time homebuyers. This, in turn, makes it more difficult for existing homeowners to sell and trade-up. Third, there may be some ongoing difficulties increasing housing supply. The housing downturn was very deep and protracted. It takes time to shift resources back into this area. Also, in some markets house prices still appear to be below the cost of building a new home. Thus, in those markets, it remains uneconomic to undertake new home construction. Although I expect that the housing recovery will resume, the pace will likely be slow, especially relative to past economic recoveries.

On the Fed Funds rate:

I expect that the level of the federal funds rate consistent with 2 percent PCE inflation over the long run is likely to be well below the 4¼ percent average level that has applied historically when inflation was around 2 percent. Precisely how much lower is difficult to say at this point in time.

emphasis added

And on monetary policy:

The next question I wish to consider is how the Fed will likely manage its balance sheet as the taper process is completed and lift-off eventually occurs. Unlike previous normalizations of monetary policy, which only involved the level of short-term rates, this prospective tightening cycle also involves considerations with respect to the size and composition of our balance sheet. The Committee stated in its June 2011 exit principles that changes in short-term rates will be the primary means for adjusting monetary policy post-liftoff, not discretionary shifts in the balance sheet. In other words, the balance sheet will be set on automatic pilot. I believe this approach still very much applies.



However, the language in the June 2011 exit principles concerning agency mortgage-backed securities (MBS) sales no longer applies. As Chairman Bernanke noted in the press conference following the June 2013 FOMC meeting: “While participants continue to think that in the long run the Federal Reserve’s portfolio should consist predominantly of Treasury securities, a strong majority now expects that the Committee will not sell agency mortgage-backed securities during the process of normalizing monetary policy.” The balance sheet would shrink post-lift-off as Treasury securities matured and mortgages were prepaid, but outright agency MBS sales are no longer contemplated during the process of monetary policy normalization.



Also, I think that the language in the June 2011 exit principles with respect to reinvestment needs to be revisited. The exit principles state: “To begin the process of policy normalization, the Committee will likely first cease reinvesting some or all payments of principal on the securities holdings in the SOMA.” There are two considerations that suggest to me that ending the reinvestments prior to lift-off may not be the best strategy. First, such a decision might complicate our communications regarding the process of normalization. Ending reinvestments as an initial step risks inadvertently bringing forward any tightening of financial conditions as this might foreshadow the impending lift-off date for rates in a manner inconsistent with the Committee’s intention.



Second, when conditions permit, it would be desirable to get off the zero lower bound in order to regain some monetary policy flexibility. This goal would argue for lift-off occurring first followed by the end of reinvestment, rather than vice versa. Delaying the end of reinvestment puts the emphasis where it needs to be—getting off the zero lower bound for interest rates. In my opinion, this is far more important than the consequences of the balance sheet being a little larger for a little longer

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WPC: Be relentless in the desire to have an influence

Prior to covering this breakout session at the 2014 World Procurement Congress I decided to skim the national press for the latest high-profile contributions to the ‘women at work’ debate.

It turns out, that on Monday, Florence Montreynaud, a leading France-based, feminist activist and writer, opined to The Independent, that in France “if a man has a strong personality, people say: ‘Isn’t he a powerful character?’ If a woman has a strong personality, they say: ‘Isn’t she a difficult person? Isn’t she impossible to work with?’ ”

I wonder whether procurement will be similarly charged, but, as a wise (he is expecting to hear something which takes its cue from Cheryl Sandberg’s Lean In – the influence of which I’ve previously referenced in a PL blog), colleague cautions me that surely attitudes towards women in procurement will vary on a country-by-country basis...

From the outset, it appears that my wise colleague is correct. The first speaker’s observations highlight two types of ‘leaning in’: the one required ensure they take jobs outside of their comfort zone and the need to lean in to their networks.

Subsequent comments from the panellists include acknowledgement of the importance of getting a mentor and need for awareness that sponsorship is important. Leaving perfectionism at the front door is also a must – women should opt for excellence while not forgetting to find someone who will offer harsh feedback.

Being valued is, unsurprisingly, essential and to do that the panellists agree. Therefore not taking the risk to become a player by putting forward relevant ideas is not an option. The, reasonably widespread female failure to want to be liked needs to give way to a desire to be respected. Key to the thorny subject of value is an appreciation of self-worth. It’s not possible to expect from other people a level of respect that exceeds self-respect.

The first question from the floor was mildly provocative with respect to the negative impact of HR which was alleged to drive a culture which blocks flexitime for both genders – men have families too, cautioned the interlocutor. The panellists agree, about men belonging to families. They don’t seem to think that HR is an inhibitor. Rather they emphasise the importance of those in leadership roles (regardless of gender) putting into practice their companies’ flexible working policies. It is important to ensure that the benefits of a flexible working policy are actually exercised and are not just theoretical possibilities. The final riposte on this point is the observation that regardless of policy: “Women ask their bosses if they can go to a soccer game, men go to the soccer game.”

The concern, is raised, that by choosing to speak out, as a woman, carries with it the risk of acquiring the ‘aggressive’ tag, whereas a man would end up with a much less pejorative label – such as assertive. In some environments for a woman to be assertive, is inescapably a criticism. Fortunately the panel noted that attitudes change. Everyone has a personal style – it is something that takes practice to hone and be completely comfortable with, irrespective of gender.

However, my favourite excerpt from the wealth of advice offered is “be relentless”. Be relentless in taking advice and coaching (including the culturally nuanced variety) about effective expression and presentation skills. Be relentless in the desire to have an influence and be relevant.

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Philly Fed: State Coincident Indexes increased in 47 states in April

From the Philly Fed:

The Federal Reserve Bank of Philadelphia has released the coincident indexes for the 50 states for April 2014. In the past month, the indexes increased in 47 states, decreased in two, and remained stable in one, for a one-month diffusion index of 90. Over the past three months, the indexes increased in 45 states and decreased in five, for a three-month diffusion index of 80.

Note: These are coincident indexes constructed from state employment data. An explanation from the Philly Fed:

The coincident indexes combine four state-level indicators to summarize current economic conditions in a single statistic. The four state-level variables in each coincident index are nonfarm payroll employment, average hours worked in manufacturing, the unemployment rate, and wage and salary disbursements deflated by the consumer price index (U.S. city average). The trend for each state’s index is set to the trend of its gross domestic product (GDP), so long-term growth in the state’s index matches long-term growth in its GDP.

Click on graph for larger image.



This is a graph is of the number of states with one month increasing activity according to the Philly Fed. This graph includes states with minor increases (the Philly Fed lists as unchanged).



In April, 48 states had increasing activity(including minor increases). This measure declined sharply during the winter, but is now back to normal for a recovery.





Here is a map of the three month change in the Philly Fed state coincident indicators. This map was all red during the worst of the recession, and is mostly green again.



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Food Matters | An L.A. Chef's Guide to Adventurous Backyard Cooking

By JOHN ORTVED from NYT T:Style http://ift.tt/1tffPQZ

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Complacency keeping commodity prices stagnant

Stable low prices for minerals and metals have been a defining characteristic of many markets so far this year, as commodity buyers are lulled by feelings of security in a strengthening global economy. This absence of volatility may be welcomed by commodities consumers, but is it storing up trouble ahead of potential market changing events in future?



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Target Fires President of Its Canadian Operations

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House Price Index - March 2014

The House Price Index (HPI) is a monthly output based on mortgage completions data from the Regulated Mortgage Survey (RMS).



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House Price Index, March 2014

A monthly release that publishes figures for mix-adjusted average house prices and house price indices for the UK and its component countries and regions.



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WPC: People key to transformation efforts – Siemens CPO

Dr. Klaus Staubitzer tells the audience at the World Procurement Congress that if you want procurement to deliver more value back to the business you have to have the right people in place.

The delegates at the 2014 World Procurement Congress gathered to hear Dr. Klaus Staubitzer, CPO of Siemens, explain the transformation journey that his team are on.

The aim is to make the function less complex, faster in execution and move it closer to the business, but while there are a number of important factors to its ultimate success, Staubitzer pointed out that having the right team in place is essential.

“If you want to do more, you have to have the right people in place,” he said before adding that they needed to prove to the rest of the business that they can speak the language of all the other business functions.

If they didn’t, the function would never be able to gain the traction it needs to be able to drive its influence both at board level and within the different business functions.

Staubitzer set about looking at his team and identifying the skills that existed. To find out, he set up a competency assessment for his team and introduced some web-based training to put them on the right track.

But these skills are not only important for a transformation; Staubitzer added that the next step for procurement is nurturing innovation out of the supply base.

If the team doesn’t have the right skills then these innovations will at best lay to waste within the supply chain and, at worst, end up at one of your competitors.

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Coffee Fungus Raising Prices for High-End Blends

By THE ASSOCIATED PRESS from NYT U.S. http://ift.tt/ROqaFW

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BlackBerry’s Partnership With Foxconn Signals Shifting Priorities

By JOE COCHRANE and IAN AUSTEN from NYT Technology http://ift.tt/1t7t7z5

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Coffee Fungus Raising Prices for High-End Blends

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In Sparse Space, Flair for the House-Made

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Lawler: Early look at Existing Home Sales in April

From housing economist Tom Lawler:



Based on realtor association/board/MLS reports across the country, I estimate that existing home sales as measured by the National Association of Realtors will come in at a seasonally adjusted annual rate of 4.70 million in April, up 2.4% from March’s pace, but down 5.8% from last April’s pace. This modest rebound is not just weather-related – e.g., home sales in California, while down from a year ago, showed a larger-than-the-seasonal norm increase from March to April. Many areas hard hit by weather, in contrast, didn’t see much of a bounce in sales, reflecting very weak contract activity during the past few months.



I also estimate that the NAR’s median existing home sales price estimate for April will be up 6.7% from last April’s MSP. The YOY increase in March was 7.4%.



On the inventory front, publicly-available realtor/MLS reports combined with data from various listings trackers would suggest that existing homes for sale in April were up about 6% from March. However, as I have noted in the past, NAR data has consistently shown larger March-to-April inventory increases than publicly-available reports would suggest. I’m not sure why, but it may be related to the timing of “pull-dates” for the official “NAR Reports” that various realtor groups/MLS send directly to the NAR. As a reminder, here is what I wrote last May ahead of the April existing home sales report.

“On the inventory side, all entities tracking residential listings show a decent-sized increase in national listings from March to April, and local realtor reports suggest a gain as well – probably in the range of about 4%. However, for many years the NAR’s reported inventory gain in April has substantially exceeded that suggested by those who track residential listings, for reasons not readily apparent but that may reflect the timing of “pull-dates” by MLS in the NAR’s sample. Adjusting for this “observation,” my “best guess” is that the NAR’s existing home inventory number in April will be up 8.8% from March, and down 16.0% from last April.” (LEHC, May 15, 2013).

Current NAR estimates show a monthly jump in the inventory of existing homes for sales from March 2013 to April 2013 of 11.4%.



Realtor/MLS reports as well as “listing-tracker” reports indicate that the monthly increase in listings this April was in aggregate larger than last April, and a “reasonable guesttimate” would be that the NAR’s inventory number for April would be about 2.26 million, up 13.6% from March and up 5.1% from last April.



CR Note: The NAR will report April existing home sales next Thursday, May 22nd. The consensus forecast is for the NAR to report sales of 4.67 million SAAR.



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YQ Purchasing - YQ Matrix, nominated as finalist for the “Best Procurement Service Provider Award 2014"

YQ Purchasing - YQ Matrix, nominated as finalist for the “Best Procurement Service Provider Award 2014"

Bunzl Ready to Pounce in India When Time Is Right

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Price Briefing 9 – 15 May

Battery grade graphite prices rise on Chinese closures while South African acidspar values fall



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Nigerian Leader Cancels Visit to Village of Girls Taken by Boko Haram

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Price Briefing 9 – 15 March

Battery grade graphite prices rise on Chinese closures while South African acidspar values fall



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Media File Lawsuit to Challenge Execution Secrecy

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Alliance Boots Says Benefits From Working With Walgreen

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Jail, Lawsuits Cast Shadow Over Myanmar Media Freedom

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Thursday: CPI, Unemployment Claims, Industrial Production, Yellen and Much More; Plus San Diego Fire Photo

Thursday:

• At 8:30 AM ET, the initial weekly unemployment claims report will be released. The consensus is for claims to decrease to 317 thousand from 319 thousand.



• Also at 8:30 AM, the Consumer Price Index for April. The consensus is for a 0.3% increase in CPI in April and for core CPI to increase 0.1%.



• Also at 8:30 AM, the NY Fed Empire Manufacturing Survey for May. The consensus is for a reading of 5.0, up from 1.3 in April (above zero is expansion).



• At 9:15 AM, the Fed will release Industrial Production and Capacity Utilization for April. The consensus is for no change in Industrial Production, and for Capacity Utilization to decrease to 79.1%.



• At 10:00 AM, the May NAHB homebuilder survey. The consensus is for a reading of 48, up from 47 in April. Any number below 50 indicates that more builders view sales conditions as poor than good.



• Also at 10:00 AM, the Philly Fed manufacturing survey for May. The consensus is for a reading of 12.5, down from 16.6 last month (above zero indicates expansion).



• Also at 10:00 AM, the Mortgage Bankers Association (MBA) Q1 2014 National Delinquency Survey (NDS).



• At 6:10 PM, Speech by Fed Chair Janet Yellen, Small Businesses and the Economy, National Small Business Week 2014, Washington, D.C



Click on photo for larger image.



The San Diego fire today from Color Spot's nursery in Fallbrook.



Photo from a friend at Color Spot Nurseries.



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A Few links on FHFA Watt's Speech

Wednesday:

• At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.



• At 8:30 AM, the Producer Price Index for April from the BLS. The consensus is for a 0.2% increase in prices.



From FHFA Director Melvin Watt: Managing the Present: The 2014 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac



From Nick Timiraos at the WSJ: Fannie, Freddie Regulator Signals Broad Shift in Housing Policy



Also from Nick Timiraos at the WSJ: Six Takeaways From Mel Watt’s Speech on Housing

NO COMMENT ON LEGISLATION: ...



NO CHANGES ON LOAN LIMITS: ...

...

ENCOURAGING BROADER CREDIT ACCESS: ...



NEIGHBORHOOD STABILIZATION PILOT PROGRAM: The FHFA will launch a pilot project in Detroit ...



OFFLOADING MORTGAGE-CREDIT RISK: Rather than focus on contracting the footprint of Fannie and Freddie ... Mr. Watt said the companies would now focus on reducing taxpayer risk without necessarily shrinking the companies’ size. ..



MOVING FANNIE AND FREDDIE TO A SINGLE SECURITY:

From David Stevens at the Mortgage Bankers Association: MBA Statement on FHFA Director Watt’s Comments

In his first major speech outlining his priorities as the conservator for, and regulator of, Fannie Mae and Freddie Mac, Director Watt is showing that he has hit the ground running and put a lot of thought into the path he intends to take with the two companies. ...



“Given the difficulties passing GSE reform legislation as the mid-term elections approach, it is good to see Director Watt looking hard at the tools he has at his disposal to help reform and improve the housing finance system. To be sure, this does not in any way lessen the need for Congress to enact needed reforms, but the Director’s comments today indicate that positive change could be on its way in the meantime.”

From Jim Parrott at the Urban Institute: A strong pivot from the new director of FHFA

With this speech, Director Watt has formally ushered in a new era for the FHFA and GSEs. He has pivoted, rather emphatically, from the prior regime’s focus on preparing the enterprises for wind-down to better positioning them to serve as the central conduit for mortgage financing for the indefinite future. At a time when access to credit remains a serious challenge and the timing and shape of long term reform from Congress is deeply unclear, the pivot is a useful one. Even if one believes, as do I, that we need to chart a course for long-term reform, and that that course should involve the winding down of these two enterprises, that is arguably not the job of their conservator. The job of the FHFA is first and foremost to increase the stability and efficiency of the system as it stands. Director Watt has recognized this challenge and risen to it admirably.

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In Store | A Leather Goods Shop Where Everything Old Is New Again

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Chinese graphite price rises to hit battery grades

Increases of 5-10% affect high purity products; refractory grade values unaffected



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US Silica hikes glass and building sand prices by 20%

Increases follow negligible Q1 profit growth for company’s industrial and speciality segment



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Gulf forecasts low but steady bromine prices for 2014

Chinese chemical producer sees acquisition opportunities in weak market



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Tiny Houses a Way Off the Streets for Wisconsin Homeless

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Memo Revisits Policy on Citing Leaked Material, to Some Confusion

By CHARLIE SAVAGE from NYT U.S. http://ift.tt/1iz9XPc

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Obama Policy Bans Employee Use of Leaked Material

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The Making Of | A Camera Bag Designed to Keep Photojournalists Safe

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Trulia: Asking House Prices up 9.0% year-over-year in April, "smallest year-over-year increase in 11 months"

From Trulia chief economist Jed Kolko: Yearly Price Gain Smallest in 11 Months, Despite Steady Monthly Rise

Nationally, asking prices rose 0.8% month-over-month and 2.8% quarter-over-quarter in April, seasonally adjusted. Those gains are in line with March increases and show that home prices continue to rapidly climb.



However, asking prices rose 9.0% year-over-year, which is the smallest year-over-year increase in 11 months. Why are year-over-year price increases slipping despite month-over-month and quarter-over-quarter increases holding steady? One reason is that the biggest price spike during the housing recovery happened between February and April 2013, and the year-over-year change in April 2014 no longer includes those months.

...

Nationally, rents have increased 4.5% year-over-year and are up more than 10% in San Francisco, Oakland, and Denver.

emphasis added

In November 2013, year-over-year asking prices were up 12.2%. In December, the year-over-year increase in asking home prices slowed slightly to 11.9%. In January, the year-over-year increase was 11.4%, in February, the increase was 10.4%, in March the increase was 10.0%, and now 9.0%.



This suggests prices are still increasing, but at a slightly slower pace.



Note: These asking prices are SA (Seasonally Adjusted) - and adjusted for the mix of homes - and this suggests further house price increases, but at a slower rate, over the next few months on a seasonally adjusted basis.



Note: in the linked article, Kolko also has an interesting discussion on why "construction still lags in housing markets with biggest price rebounds".



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Price Briefing 2 – 8 May

Refractory bauxite prices stable while rutile and fertiliser minerals offer bleak outlooks



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Your Hand in Marriage

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A Small Brand Tries to Escape the Confusing Shadow of a Big Brand

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Fed Chair Janet Yellen: Expects Growth Rate to Increase, "A high degree of monetary accommodation remains warranted"

Testimony by Chair Yellen on the economic outlook. A couple of excerpts:

Looking ahead, I expect that economic activity will expand at a somewhat faster pace this year than it did last year, that the unemployment rate will continue to decline gradually, and that inflation will begin to move up toward 2 percent. A faster rate of economic growth this year should be supported by reduced restraint from changes in fiscal policy, gains in household net worth from increases in home prices and equity values, a firming in foreign economic growth, and further improvements in household and business confidence as the economy continues to strengthen. Moreover, U.S. financial conditions remain supportive of growth in economic activity and employment.

emphasis added

And on monetary policy:

As always, our policy will continue to be guided by the evolving economic and financial situation, and we will adjust the stance of policy appropriately to take account of changes in the economic outlook. In light of the considerable degree of slack that remains in labor markets and the continuation of inflation below the Committee's 2 percent objective, a high degree of monetary accommodation remains warranted.

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The Luxury of Humility

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Rutile market conditions “tough” to “terrible” despite steady demand

Prices squeezed by Chinese competition but Ukraine crisis could spark panic buying



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Refractory bauxite prices stable on level demand

Market steady but consumers not moving to restock inventories



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Chinese suppliers confident on praseodymium-neodymium oxide price

Stockpiling rumours prompt higher offer values but overall market remains down



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Carrefour Looking to Exit India Wholesale Ops: Media Reports

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Coffee Bean Chain Founder Herbert Hyman Dies at Age 82

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Price Briefing 25 April – 1 May

Alumina and lithium prices strengthen while kaolin and TiO2 show weakness



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Chemtura Q1 results offer upbeat assessment of bromine chemicals

Company reports more favourable acceptance of price increases and sees rising demand



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