A number of sources this week revised 2009 and 2010 forecasts for the Russian ferrous metals sector upwards on the back of growing confidence. The Industry and Trade Ministry improved its investment forecast for the sector by 50% to 150 billion rubles, although Deputy Minister Andrei Dementyev said that ferrous metallurgy sector output could plummet by 7%. However, compared with other industries and given the fact that no major projects in the sector have been suspended means the figure is not seen as overly negative. Analysts at KIT Finance said that next year demand for steel in Russia could rise by up to 15% and pipe producer TMK expects steel pipe consumption to increase by 5% in 2010.
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