BIR World Mirror on Stainless Steel & Special Alloys - October 2011

Since our previous Stainless Steel Mirror in May, we have experienced global financial uncertainty which has had a severe impact on our industry.

At the end of the summer holidays, a slight pick-up in demand had been expected for stainless steel products. However, the global economic uncertainty caused growing fears that economies on both sides of the Atlantic would drive deeper into recession. Since October has traditionally been one of the stronger months of the year, market participants hoped their expectations of increased demand would be met, but at the same time they remain nervous about the uncertainty of the economy and its effect on stainless demand.

In addition, stainless steel producers are still accumulating losses.

In general, a clear forecast of fourth quarter developments cannot be made today with the market being best described as “uncertain”.

Michael G. Wright
Chief Operating Officer
ELG Haniel GmbH
Chairman of the BIR Stainless Steel & Special Alloys Committee

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