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stainless steel consumption up 6.8%

  1. 3,794 Posts.
    Hi guys,

    From,

    http://www.thehindubusinessline.com/2004/07/02/stories/2004070200431300.htm

    "Continued but steady demand from domestic stainless steel manufacturers is also one of the driving factor. I believe prices may touch firm up further on strong fundamentals as demand-supply gap is continued to be 20,000-25,000 tonnes this year," he said.

    The Australian Bureau of Agricultural and Resource Economics (ABARE) predicts nickel mine production is expected to increase 3.2 per cent in the next 12 months. It is also predicting the current upswing in prices will continue in the latter half of 2004.

    The International Stainless Steel Forum (ISSF) reports production of stainless steel rose by 6.3 per cent worldwide in the first quarter of 2004. Asia's 15 per cent growth was the largest while North and South America production grew at 5.3 per cent.

    The Specialty Steel Industry of North America announced that the consumption of stainless steel rose 8 per cent in the first quarter of 2004 compared to the same period of 2003.

    Global stainless steel production is expected to reach 24.4 million tonnes in 2004, 6.8 percent above 2003 production of 22.8 million tonnes, according to ISSF. "

    Anybody still not understand why such enthusiasm in Nickel stocks????lol.

    Cheers.

 
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