Some Random Graphs

All,

Below are some random graphs that caught our eyes this week:

1) To our dear American Friends for Thanks Giving: Thank you very much from Germany!

Source: @Schuldensuehner

YTD German Steel Production does not look as bad, but the YoY monthly figures (second column) are significant in an industry with such high load factors.

German Steel Order Volumes look worse, but is there a bottom in sight?

Overall Steel Supply was still falling in May - for the furnaces supplying the auto industry that should be the more important metric when estimating the timing of a potential market return.

The UK consumer continues to spend more - on food. We are not sure the graph is actually reflecting the wider picture, but as evidenced by various other metrics, food is doing better than other categories. Thoughts for Iceland.

Wolfgang