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ASIAN NEWS


ChinWell confident exports to Europe will increase


Chin Well Holdings Bhd, Malaysia’s largest manufacturer of fasteners, expressed optimism its exports to Europe will increase in the next three years, following the exemption from anti-dumping duties granted by the EU.


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n a statement, the Penang-based manufacturer said it was among eight Malaysian companies exempted from the 85% anti-dumping duty imposed by the European Union following completion of its circumvention investigation.


“The group’s exemption from the high tariffs on exports to


Europe affirms Chin Well’s reputation as genuine manufacturer and exporter of Malaysian-made fasteners to the world,” said the company’s managing director Tsai Ying Chuan. Following the exemption he expects exports to Europe to


continue to contribute more than 50% of group sales for the next three years. Sales to the domestic market and other foreign markets command 30% and 20% of sales respectively. Following the application of EU anti-dumping duties on


fasteners from China, Chin Well saw a 40% increase in export sales to Europe to RM134 million (31.75 million euros).


CSC holds wire rod and bar prices


Taiwan’s China Steel Corporation announced mixed price movement for October and November shipments to the domestic market but wire rod and bar prices remain unchanged.


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n average CSC increased prices across all steel grades by 1% but this included reductions in sheet steel and electrical sheets. Hot and cold rolled steel and HDG sheets all saw increases.


CSC noted that the third quarter was the low season for the


world steel market and combined with slowdowns in European and US economies, and pressure to adjust inventory, world prices had generally fallen. However, its own export prices had begun to see a rebound and CSC anticipated price increases in the fourth quarter from other major steel suppliers. Constrained electricity supply in China, together with anticipation of the coming high season, had offset softer demand and the effect of tighter monetary policies on the mainland steel market, resulting in September price increases.


Homn Reen starts production in Vietnam


Homn Reen has started the first phase of production at the Vietnam plant it started constructing last year. Two more phases are planned to reach full production by 2014. The plant will concentrate on small-pack, labour intensive, basic and middle grade screws including collated with a target output of 24,000 tonnes annually.


Gem Year cuts profit forecast


Gem Year has slashed its profit forecast by 50% for the first three quarters of 2011 on concerns over the rail market in China, following safety concerns over high speed rail systems.


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n its interim report Gem Year says the frequency of high- speed train accidents raises concern and is affecting existing demand as well as new projects. For the first half Gem Year profits fell 12% to RMB 105


million (11.5 million euros) despite 21% revenue growth to RMB 1.54 billion (167 million euros). First half fastener revenue rose 24.77% to RMB 443 million (48 million euros) while revenue from high speed rail parts slipped 7% to RMB 485 million. Higher labour, material and energy costs are also said to be impacting earnings.


Source: Fastener World Brighton Best world


sales increase by 33% Brighton Best International consolidated sales last year were NT$4.609 billion (approximately 108 million euros). Net operating profit for 2010 was NT$157 million.


T Source: Fastener World 32 Fastener + Fixing Magazine • Issue 71 September 2011


he stockholder committee voted that NT$135 million net income after tax last year would be reserved for continued market expansion and consolidation of distribution channels. Turnover 2011 to May was


NT$2.418 billion up 33% year on year with a net income of NT$111 million compared with NT$19 million for same period 2010.


Source: Fastener World


Sundram reports 29% sales increase quarter to June June 2011. Exports increased 44% and accounted for 28.5% of sales. Net profit after tax was up 55%.


Sundram Fasteners reported a 29% rise in turnover to Rs 522 crore (approximately 81 million euros) in the quarter to 30th


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