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Macquarie reduces forecast for global stainless steel output
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According to report of Macquarie Commodities Research, it has reduced the forecast for the global stainless steel output to 35.4 million tons for 2012 from the previous forecast of 36 million tons, reflecting a growth of 4.1% for this year.
The report showed that the falling nickel prices have caused lower a drop in stainless steel orders and output. The stainless mills in Europe, Asia and North America have planned to reduce the output sharply.
However, Macquarie expected that the stainless steel production would rebound in the fourth quarter due to seasonal demand and improving Chinese economy and buyers’ replenishment.
News Date
7/4/2012 11:51:36 AM
reported by
Nann Cheng
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