It is reported that in October, consumption of rolled metal increased by 19%MoM and reached 564,670 tonnes.

This is the 2009 maximum to date.

An increase in purchases was marked in machine building, iron ore and steel industry, railways, pipe makers and metal traders. However, consumption levels in construction, chemistry and food industry have declined.

According to Millennium Capital analyst “We see this news as POSITIVE, despite the fact that this level of consumption is much lower than a year before. We think that it is an increase in the domestic consumption of some products that proved that the bottom has indeed been already scrapped for our industrial production.”

(Sourced from Millennium Capital)