While things are generally looking up in the US stainless steel market, buyer caution continues to temper the gains that mills are hoping to achieve and could limit the bump in demand that they are expecting to see early next year. Partly on the back of the base price increases to take effect in January and rising raw material surcharges, mill order books have already begun to pick up and we believe that they will firm up further in the first quarter and possibly into the second quarter as well. The degree of improvement depends on whether the USA successfully avoids falling down the fiscal cliff and if the economy continues its slow but steady recovery. However, if the sequestration takes effect, all bets are off and demand - and prices - could backtrack as the year goes on.
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