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09:42PM (15 mins delay)
Oct 28, 2009 - 2:51 PM EDT
The latest news on steel imports further confirms a belief we’ve maintained for quite a while – the real economy is substantially weaker than the liquidity driven equity markets would have you believe. The latest report on steel imports from the Census Bureau showed a massive 50% decline in year to date steel imports. Steel imports for September came in at $1B vs last year’s reading of $2.7B. Year to date, total tonnage is down 50%:
“The year to date final statistics through August 2009 showed steel imports of 9.6 million metric tons compared to 19.4 million metric tons through August 2008.”
Source: Seeking Alpha (Oct 28, 2009 - 2:51 PM EDT)
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