Global stainless output growth likely to drop below 4.5% in H1 2013

摘要

Data for January and February suggests we may have been slightly too bearish on Western European output for Q1 2013 in our last monitor report. We still believe that crude stainless steel output will fall in y-y terms in Q1, but overall volumes should come closer to reaching 2m tonnes than previously thought. The outlook for Q2 has deteriorated, however.