Boston, MA -- (SBWIRE) -- 07/23/2012 -- Across all types of metals, we expect subdued growth in both production and consumption in Australia as the effects of a slowdown in the Chinese economy and in other key economies takes its toll on Australia's commodity driven economy. Our macroeconomic outlook for the Australian and Chinese economies has been tempered somewhat following both deteriorating trading conditions as well as slower growth following monetary tightening cycles over the past few quarters. The recent bout of loosening measures might not be enough to stem the slowdown. For some metals we forecast only a weak recovery in 2012.
The slowdown in the metals industry in the country is best exemplified by the 12.2% decline in 2011 steel production taking it back to an annual output that is the second lowest over the past decade (eclipsed only by the financial crisis). Steel companies in Australia will continue to face substantial difficulties given the combined effects of still elevated raw material prices and declining steel prices.
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