This week is in order to be be a very essential global financial markets, companies and business owners, to be a slew of important economic data are due for release. Last week, global equity markets rose on some positive news on earnings front from US based companies, while commodities such as copper and nickel remained largely unrevised.
On one side equity markets have reported gains last week, but range bound movement in base metal, copper indicates than a much expected slowdown end up being underway. Important economic releases from the US, Europe and China, this week could show that one more less demand and that growth is slowing down across major economies. You could trigger a further correction of 4 to 6% in base metals for nickel and copper, generating lower offer prices for stainless steel products by major manufacturers in India and china.
With a superior unemployment rate, record low auto sales and weak economic conditions, there are expectations that the ECB would cut interest rates by 25 percent percentage time its next meeting. On the other half hand emerging economies such as China and India also showed signs of slowdown with leading economic indicators missing market expectations last few weeks.
Since, there was no major movement in nickel and ferro chrome prices last week, prices for stainless steel products pertaining to example stainless steel seamless pipes, stainless steel pipe fittings, sheets, plates remained largely unchanged.
The Bureau of International Recycling reported decreases planet usage of ferrous scrap in steelmaking in 2012 compared with 2011. China's use of steel scrap declined by 12.3% to 79.8 million metric ton in 2012, as when compared with 2011, while Russia and Italy reported a 5.4% decline and 5.8% decline year on year decline respectively. The Metal Bulletin Daily Scrap Index for HMS 1 & 2 (80:20) imports into Turkey stood at USD 366.86 per metric ton on April 29th, down by USD a particular.81 per ton on Friday last workweek. Buyers are increasingly hunting for discounts on every major booking for stainless steel scrap, HMS scrap and take care of steel products, as little question ahead is predicted to even be a declining a person particular.