Metals Industry Business Intelligence
By Tom Stundza -- Purchasing, 3/12/2009 2:00:00 AM
53%
Eight-month drop in price for hot-rolled sheet
Source: www.purchasingdata.com
WHAT IT MEANS: Hot-rolled sheet was averaging $500/net ton in mid-February, a drop of 53% from the cyclical peak of $1,068 last July. Analysts suggest the price will flatten out as spring turns into summer.
18.4%
Forecast drop in shipments of U.S. steel mills
Source: Bradford Research
WHAT IT MEANS: Domestic steel shipments in 2009 could decline to 80 million net tons (from an estimated 98 million tons in 2008.) Buyers beware: If demand perks up early, supply will be tight and prices could inflate.
15%
Projected 2009 decline in nickel demand
Source: Barclays Capital
WHAT IT MEANS: Analysts and traders now agree that world demand will continue to deteriorate because stainless steelmakers are running down inventories until economic growth revives and metalworking industries begin buying again.
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