icda-chromium-2012-s..
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icda-chromium-2012-s..
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Recent developments: Demand<br />
• Stainless steel production growth has slowed so far in H1 <strong>2012</strong> – lowest rate<br />
of global growth since 2009<br />
• Short-lived period of restocking in Dec ‘11/Jan ‘12 gave way to bearishness in<br />
Q2 and early Q3 – as illustrated by nickel price changes<br />
50%<br />
Stainless steel production -- H1 <strong>2012</strong>* saw the lowest rate<br />
of annual growth since 2009<br />
30000 <br />
Nickel Spot Prices<br />
(USD/tonne)<br />
40%<br />
28000 <br />
Year-on-year % change<br />
30%<br />
20%<br />
10%<br />
0%<br />
-10%<br />
EU27<br />
China<br />
-20%<br />
Global<br />
-30%<br />
2007 2008 2009 2010 2011 <strong>2012</strong>*<br />
Source: ICDA, ISSF; *H1 on an annualized basis<br />
26000 <br />
24000 <br />
22000 <br />
20000 <br />
18000 <br />
16000 <br />
14000 <br />
12000 <br />
10000 <br />
03/07 07/07 10/07 01/08 04/08 07/08 10/08 <br />
Source: London Metal Exchange
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