Markets in USA & Canada

摘要

The Institute of Supply Management (ISM) survey indicated that the economy ended 2004 on a high note. December was the 38th consecutive month of economic growth and the 19th in the run of increases in manufacturing. The ISM activity index moved further into the expansion range to 58.6 from 57,8 in November - not the highest in the year but enough to keep the 2004 average above 60. Such steady demand has not, however, been sufficient to stabilise prices in the face of high levels of stocks in the distribution system and emerging gaps in mill order-books. Last month's announcements by integrated steelmakers, led by AK Steel and backed up by US Steel that they would be demanding 1.50-2.50 dollars/UScwt (33-55 dollars/tonne) more from coil customers in the first quarter proved to be no more than bravado. It neither stimulated hedge buying nor supported flagging prices.