Since the beginning of the year, customers worldwide have typically purchased above their immediate requirements, as they have anticipated prices rising through the first half of 2011. This has led to healthy global melted production volumes - increasing 8.7% y-o-y in Q1 - and has made it difficult to quantify the upturn in real demand. However, as buyers have been able to foresee lower transaction prices in the near future, or increased price volatility, purchasing activity has slowed to a crawl in many countries in recent weeks. Although global consumption of stainless steel is expected to rise by an impressive 9% in 2011, some market participants argue that much of the demand strength has already come to pass in Q1.
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