July 2012 | Stainless Steels
Uncertainty abounds, dampening US stainless demand: American Highlights
June’s PMI marked USA’s first contraction in manufacturing since July 2009.
There is no question that demand is traditionally softer during the summer months, but this year it is more the product of the uncertainties in the marketplace that is keeping purchases both by distributors and their OEM customers, to a minimum. While there is occasionally a glimmer of hope that a solution to the Eurozone debt crisis could be nearing and that the US economy will not follow Europe into another recession, domestic stainless steel buyers are not willing to take their chances. Being caught with high priced inventories after the 2008 financial crisis is too sharply engraved into their memories.
Recent reports that the manufacturing sector’s recovery could be petering out has not helped confidence levels. Especially concerning was the Institute for Supply Management’s manufacturing PMI falling into negative territory with a...
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