In a product line driven largely by import supply we have recently seen import welded and import seamless take turns increasing and decreasing in what appears to be an irregular ordering pattern. True, the import welded sector is off the most in terms of supply volume leading us to think that manufacturing using stainless pipe and tube products are slowing. While volumes this year are below last - see the chart on the next page - a lack of demand may not be the issue. Several service centers have noted headwinds in the stainless steel supply sector in Q1 earnings calls confirming what we’ve written in this section in recent past issues.
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