S. Africa’s carbon steel sales down
South African Iron and Steel Institute (SAISI) disclosed that the country's domestic carbon steel sales fell 5.8% year on year during the first quarter of 2005.
The decline in manufacturers' demand, hit by strong Rand, affected negatively the domestic sales.
The Rand, which has more than doubled against the US Dollar since 2001, had also hit carbon steel exports. South
Africa's carbon steel exports saw a year-on-year drop of 15.1%.
SAISI indicates that South
Africa's
manufacturing sector contracted 1.9% in the first quarter of 2005 compared to a rise 2.5% in the final quarter of 2004. However, analysts believe that the sector will show a recovery in the second quarter.