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Steel distributors growing more pessimistic.

Publication: Metal Center News
Publication Date: 01-NOV-08 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Steel distributors growing more pessimistic.(BUSINESS TOPICS)

Article Excerpt
A SEPTEMBER SURVEY of North American steel distributors reveals growing pessimism regarding demand and pricing. "Our contacts continued to report difficult steel market conditions in September," says Bob Richard, an analyst with Longbow Research in Independence, Ohio, who conducted the survey. "Their demand outlook is rather pessimistic, with 54 percent anticipating no change through the balance of 2008, and 46 percent expecting to see further declines."

Their price outlook is also negative, Richard says. "One hundred percent of contacts expect declining prices for all products in the next three to six months. Respondents say prices for spot hot-rolled coil, however, are not expected to fall below $800 per ton, on average."

Prices for most steel products fell in September, driven by weakness in end-user demand. The...

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