Additional trade and other official data released since our last issue confirms 2004 as a year of growth, albeit in the low single digit bracket. We have slightly revised full year optical fibre output to 60.8m fkm, marking a year-on-year increase of 3 percent. Aside from the recent spate of activity in the US, this revision is more reflective of improving conditions within Europe. We now believe that optical fibre production slightly exceeded the 2003 regional level at 7.2m fkm, boosted by a strengthening of demand for fibre optic cable. We also believe that demand from the Rest of the World was stronger than previously estimated. Softening demand conditions in both Japan and China has offset these positives, although there has been no significant impact on the total world volume this time around.
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