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Global steel sector to stay in dumps until mid 2013 - Mr Faktor of Stemcor

Steel News - Published on Sat, 29 Sep 2012

The head of trading at Stemcor, the largest independent steel trading house, said that the steel industry is unlikely to recover until at least the middle of 2013 as economic stimulus is still not feeding through the industrial sector

Mr David Faktor told Reuters in an interview “As the market remains tough, some market participants, particularly the least specialized ones, are bound to leave the steel sector.”

He told \"I am not convinced that any rebound in steel prices is sustainable. I frankly can\'t see the market improving or stabilizing until mid 2013 at the earliest.”

Mr Faktor said “When some macro data improves everyone gets terribly excited; that is meant to translate into people buying more tonnes, but the next month there is less interest. The longer the malaise goes on, the more people get fed up with the false dawns.”

He said “Large commodities companies and financial players, which have been attracted to the steel industry in the last few years are also likely to exit this space.”

Source - Reuters

Posted By : admin on Sat, 29 Sep 2012
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