The small uptick in shipment activitythat occurred in April was more than offsetby a counter-cyclical shipment decrease inMay – assuming import licenses arerepresentative of actual data. This willmake May the second worst month of theyear so far. Is this the shape of things tocome? Unfortunately we believe so. Themarket is mired in a ‘what to do’ mentalityand absent any direction - like somegovernment assisted infrastructureprograms - we are at a loss to see anythingin the short term that will turn the marketpositive. Demand is falling as economicactivity slows and the market awaits focus.
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