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A slow climb back
May 29, 2009 - 00:00 GMT
Demand for copper and brass in North America has sunk to a low, but opinions differ as to whether the bottom has actually been reached. Either way, only a very slow recovery is expected, reports Myra Pinkham.
Has the North American copper and brass market finally hit bottom? Some red metal suppliers say that it may have done so. However, there is little reason to celebrate yet, as demand across the board remains extremely slow and it will probably be a slow climb back up.
“While we have probably finally hit bottom, no-one is seeing any upward momentum,” says Tom Funkhauser, vice-president of sales and marketing for Hussey Copper of Leetsdale, Pennsylvania. In fact, in the last few months, business had deteriorated noticeably, he says.
“What we’ve seen in some respects is our worst fears confirmed,” says Jon Barnes, principal consultant for copper semis and copper consumption for CRU Analysis, London. “In the first quarter, copper wire rod demand is down 25% year-on-year, which is a significant magnitude of decline. Declines at brass mills are even steeper with a contraction of 30-35% in just about every product...
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Euromoney Institutional Investor PLC.
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