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Iron & Steel Manufacturing Industry

These days this industry is highly volatile, depending greatly on global supply and demand trends. Thus, steel prices change with global economic activity. Market conditions in the late 2008-2009 led to the bankruptcy of a number of US and global steel producers and the implementation of import tariffs. As OIL price or fall down with the fall of economy world wide. Tariff protection for local manufacturers of iron and steel, however, is being phased out and local producers will continue to face strong price competition from imports.

Author: Itsmekap
Date: Jan 21, 2010 - 5:50:55 AM

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These days this industry is highly volatile, depending greatly on global supply and demand trends. Thus, steel prices change with global economic activity. Market conditions in the late 2008-2009 led to the bankruptcy of a number of US and global steel producers and the implementation of import tariffs. As OIL price or fall down with the fall of economy world wide. Tariff protection for local manufacturers of iron and steel, however, is being phased out and local producers will continue to face strong price competition from imports.

Activity in the EU steel using sectors continued to decline sharply in the 2nd quarter of 2009. As a result, output in the 1st half of the year was almost 23% down on the same period of 2008. Companies had to cope with an unprecedented drop in demand for industrial goods, both in the EU and in global export markets. Despite stabilising financial markets, financing remained a major bottleneck for most companies. Significantly reduced industrial activity and extremely uncertain business conditions led to sharp inventory reductions in the downstream processing chain.

Business prospects for the coming quarters remain bleak although overall sentiment appears to be improving. Since July, new industrial orders started to recover slightly from the lows reached earlier in the year. The latest PMI survey data for the steel fittings manufacturing sector also suggest some recovery in output from a low level in the months ahead. This should reduce the overall drop in production in the steel using sectors to 18% this year. The forecast for 2010 shows a gradual further improvement; from Q2 onwards year-on-year growth could become slightly positive again. On balance, output is expected to register only a very modest growth.

Improving economic conditions should lead to a more pronounced recovery in 2011; the first estimate for steel weighted industrial reduction shows a 4% rise.

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