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International distribution and services in high-performance materials

"Injections" give hope!

The economy is showing signs of recovery, but it seems to be going in step with politics, disoriented. The pandemic is characterised by imponderables, but it is in the nature of things that opportunities and risks shape our lives and we have to deal with them on our own responsibility. The state, on the other hand, is trying to control the risks of the pandemic with varying degrees of restrictions on civil rights. Their effects are limited and the collateral damage is growing. So hope lies in the vaccination and the cash injection. Both have more effect, but are not equally effective. Vaccination, with its 90% protective effect, is unequivocal. Money, on the other hand, runs wild and speculative bubbles are formed: Stocks, real estate and eventually metal prices. Sharp corrections, as we have just seen with industrial metals, are the logical consequence. Stainless steel prices, however, will not follow the short-term metal price trend. Global production of stainless steel fell by 3% to 50.7 million tonnes last year; only China and Indonesia increased by 2.5% and 15% respectively. Although consumption has fallen, are prices supposed to rise? The outlook and capacities are decisive for the further development. Prospects appear intact and production capacity is still limited and there is a pent-up demand for large-scale investments. Apart from the aviation industry, all other sectors show clear signs of recovery. If the wave of bankruptcies is indeed prevented by the money injections, nothing will stand in the way of a sustained upswing. At a later date, we will be presented with the bill for the generous distribution of money.        

March 2021

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Zürichstrasse 128
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Phone: +41 (0)44 823 88 00 | Fax: +41 (0)44 823 88 90
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