The US market remains in a difficult situation amid a declining nickel price and flat demand. Althoughindications are that the de-stocking cycle is nearing its end, we believe there are still some distributorsthat are holding too much stock. Moreover, any slowdown in demand will force stockholders to cutinventories further in order to keep their stocks in line with their shipments – and we have heard fromsome market participants that the fourth quarter could be weak, although this is not a view that isuniversally shared.
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