Business activity is at a low level in the United States as stockists continue to reduce their inventories. With substantial decreases announced for November’s alloy surcharges, and further cuts expected for December, customers are reluctant to place orders until they think the bottom of the price cycle has been reached. No recovery in purchasing activity is foreseen. The outlook remains pessimistic through the ffrst quarter of 2024. Producers of speciality grade bars recently announced base price increases of between 5% and 12%. However, market participants report that the leading supplier of commodity grade bars, NAS, has given no indication of raising its base ffgures.
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