ICL hikes prices for bromine products by a fifth in Far East

Increases aimed at easing margin pressures in company’s industrial products arm



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FMC Corp. imposes 10% price increase on lithium products

Company seeks higher lithium revenues to address extra operating costs in Argentina



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BASF increases global kaolin prices by up to 7%

Chemicals firm to charge more for industrial application material; reasons for rises not disclosed



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Construction Spending decreased 0.4% in September

Earlier the Census Bureau reported that overall construction spending decreased in September:

The U.S. Census Bureau of the Department of Commerce announced today that construction spending during September 2014 was estimated at a seasonally adjusted annual rate of $950.9 billion, 0.4 percent below the revised August estimate of $955.2 billion.. The September figure is 2.9 percent (±2.1%) above the September 2013 estimate of $924.2 billion.

Both private and public spending decreased in September:

Spending on private construction was at a seasonally adjusted annual rate of $680.0 billion, 0.1 percent below the revised August estimate of $680.8 billion. Residential construction was at a seasonally adjusted annual rate of $349.1 billion in September, 0.4 percent above the revised August estimate of $347.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $331.0 billion in September, 0.6 percent below the revised August estimate of $333.0 billion. ...



In September, the estimated seasonally adjusted annual rate of public construction spending was $270.9 billion, 1.3 percent below the revised August estimate of $274.4 billion.

emphasis added

Note: Non-residential for offices and hotels is increasing, but spending for oil and gas is declining. Early in the recovery, there was a surge in non-residential spending for oil and gas (because prices increased), but now, with falling prices, oil and gas is a drag on overall construction spending.



As an example, construction spending for lodging is up 15% year-over-year, whereas spending for power (includes oil and gas) construction is down 11% since peaking in May.



Click on graph for larger image.



This graph shows private residential and nonresidential construction spending, and public spending, since 1993. Note: nominal dollars, not inflation adjusted.



Private residential spending has declined recently and is 48% below the peak in early 2006 - but up 53% from the post-bubble low.



Non-residential spending is 20% below the peak in January 2008, and up about 47% from the recent low.



Public construction spending is now 17% below the peak in March 2009 and about 4% above the post-recession low.



The second graph shows the year-over-year change in construction spending.



On a year-over-year basis, private residential construction spending is now up 1%. Non-residential spending is up 6% year-over-year. Public spending is up 2% year-over-year.



Looking forward, all categories of construction spending should increase in 2015. Residential spending is still very low, non-residential is starting to pickup, and public spending has probably hit bottom after several years of austerity.



This was a weak report - well below the consensus forecast of a 0.6% increase - and there were also downward revisions to spending in July and August.



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Black Knight releases Mortgage Monitor for September

Black Knight Financial Services (BKFS) released their Mortgage Monitor report for September today. According to BKFS, 5.67% of mortgages were delinquent in September, down from 5.90% in August. BKFS reported that 1.76% of mortgages were in the foreclosure process, down from 2.63% in September 2013.



This gives a total of 7.43% delinquent or in foreclosure. It breaks down as:



• 1,760,000 properties that are 30 or more days, and less than 90 days past due, but not in foreclosure.

• 1,118,000 properties that are 90 or more days delinquent, but not in foreclosure.

• 893,000 loans in foreclosure process.



For a total of ​​3,711,000 loans delinquent or in foreclosure in September. This is down from 4,593,000 in September 2013.



Click on graph for larger image.



This graph shows the percent of borrowers and the amount of equity. Black Knight notes: "Only 8 percent of borrowers remain “underwater” on their mortgages, down from a level of 33 percent at the end of 2011, and to the lowest point since 2007"



More from Black Knight:

“Before the most recent reductions in the average 30-year mortgage interest rate, approximately six million borrowers met broad-based ‘refinancibility’ criteria,” said Barnes. “These criteria assume loan-to-value ratios of 80 percent or below, good credit, non-delinquent loan status and current interest rates high enough that borrowers have an incentive to refinance. In light of where rates are today, and looking at borrowers with current notes at 4.5 percent and above, that population has now swelled to 7.4 million – almost a 25 percent increase. This is a relatively conservative assessment though, as those with current rates of 4.25 to 4.5 percent could arguably benefit from refinancing as well. That group adds another 1.7 million borrowers to the population.



“On a related note, we also examined how the equity situation in America has changed since we last looked. Due in no small part to 28 consecutive months of home price appreciation since 2012, we’ve seen the share of borrowers with negative equity drop down to just below eight percent as of July, down from a level of 33 percent at the end of 2011, and to its lowest point since 2007. An additional 8.5 percent of borrowers are in ‘near-negative equity’ positions, with less than 10 percent equity in their homes. However, more than half of all borrowers have 30 percent or more equity, a level not seen in nearly eight years.”

There is much more in the mortgage monitor.



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Labour, energy and pollution costs put pressure on Chinese refractory bauxite margins

Uncompetitive energy costs and wage hikes encourage tax avoidance in Shanxi Province



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De Blasio and Bratton Unite to Quash Allegations of Rift

By VIVIAN YEE from NYT N.Y. / Region http://ift.tt/1GcPNW0

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