Demand for stainless driven by China

Stainless steel is set to continue its strong growth, according to a recent report from the International Stainless Steel Forum (ISSF). Growing demand from China has pushed the production of Stainless Steel to an estimated growth rate of 5.8% for the full year 2003. This is 1.8% higher than previously forecast. Early figures show that production rose 8.2% in the first half of 2003 compared to the same period of 2002. ISSF is currently seeing a pick-up in demand. This is partially due to speculation that the price of nickel will continue to increase. The rise in demand is also based on an expectation that the long-awaited recovery in the global economy will occur early in 2004. A sharp recovery in demand for stainless steel is expected, especially in the capital goods sector. Demand will also increase as stockholders and fabricators re-stock their supplies at the beginning of the new year.

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