McCloskey - hot metal production report - 2009.
Extract from Executive Summary
Demand for steel has withered in the mature economies and symptomatic of this the opening six months of 2009 saw US car giants General Motors and Chrysler finally declare bankruptcy.
The decline in hot metal output cannot be overstated and announcements on potentially permanent closures of blast furnace capacity have peppered the news (see News Review).
Pig iron output from the established metallurgical coal importers in the EU15 and Asia (excluding China and India) is running at about 11.5mt/month - down 40% (7.5mt/month or 90mt annualized) from 19mt/month in mid-2008 [see attachment].
Source: MCQ Autumn 09 Synopsis: An overview of the Metallurgical Coal Markets.
For further information, please email Mat Newton at mnewton@mccloskeycoal.com
Website: http://www.mccloskeycoal.com
For analysis, see attachment.
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