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| TITLE |
Stemcor sees steel demand not recovering until late 2009 |
| WRITER |
administrator |
DATE |
2008-12-05 17:03:49 |
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Stemcor sees steel demand not recovering until late 2009
Reuters quoted Mr Ralph Oppenheimer chairman of independent steel trader Stemcor as saying that it does not expect a recovery in steel demand growth until the last quarter of 2009.
He added that "Underlying demand and real consumption are very weak and weakening. Orders have fallen around 70% to 80% in the last four months."
Mr Oppenheimer said that "There has been the most abrupt and sudden collapse of prices that the steel industry has ever seen. There was an upturn in scrap and scrap related products like billet and rebar. We now have a slight weakness again. It was two steps forward and one step back and we expect to see that again in December 2008 or January 2009."
He added that "We do not see any real growth in steel demand until the fourth quarter of 2009, more likely towards the end of the quarter. Steel industry relies on longer term loans for investment but for trading purposes it is more asset based transactions, so traders are still able to access credit lines. If you want to build a steel works with 5 to 6 year loans banks are running away from that."
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