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Steelometer

Economic & Strategic


Analysis Unit

Weekly Steel Market & EconTracker

Vol. 83 / 27 Jan, 2010

Chinese Economy Shines Again


?
Price correction in China continued for second consecutive week as flat steel prices dropped by 1-3% w-ow. Domestic price of HRC slipped to $551/t, a decline of $12/t since mid-Jan 2010. Prices are likely to remain in
correction mode till the Spring festival when demand is likely to be weak. CIS export offers increased by $10/t
w-o-w on better end-user demand. Though domestic prices elsewhere, especially in USA and Europe
remained stable, in US Dollar terms European flat steel prices declined on sharp depreciation of Euro against
US Dollar.
?
Raw material prices showing some signs of softness, especially spot price of iron ore (63.5% Fe) which

slipped to $132/t cif as buyers stayed out of the market. But continued supply tightness from India will prevent a
substantial correction and there should be some firm support at $125/t. There was also a pause in the scrap
price surge as offers from both USA (East Coast) & Europe (Rotterdam) remained stable at $318/t.
?
Global steel output plunged to 1.2 billion MT in 2009, a decline of over 8% y-o-y, with huge declines in

almost all the major steel producing countries and regions, except India and China. China's crude steel
production in 2009 was 567.8 million MT, up 13.1%, while India's steel output was 2.8% higher. Middle East also
showed a positive growth of 3.5% y-o-y in 2009, though overall Middle East & North Africa (MENA) region
showed a decline of 2.2%. Biggest declines in steel output were witnessed in USA & EU-27 by 36% & 30%
respectively (Exhibit-1).
?
China's GDP Growth Back on High Pedestal, growing by 10.7% y-o-y in Q4 2009 (Exhibit-2), mainly on

account of govt. fiscal stimulus aiding a big improvement in domestic demand. Growth for whole of 2009 was
8.7% with the growth momentum in fixed asset investment and industrial production continued, growing by
30.1% and 18.5% y-o-y in Dec-2009.
?
Mixed signals from US Housing as new housing starts fell by 4% m-o-m to an annualized rate of 557,000 in

Dec-09 (but higher by 0.2% y-o-y). New building permits however, which indicate future home construction,
rose by 10.9% m-o-m to 653,000 in Dec-09, the highest since Oct 2008 and also 15.8% higher y-o-y.

Exhibit-2: China's GDP Growth Back on High Pedestal

Exhibit-1: Steel Output Fell To Record Lows in 2009


14.0

-8.3

World
2.8

India
13.1

-40.0

-30.0

-20.0

-10.0

MENA

-20.5

S.America

-36.4

USA

-14.6

CIS

-29.9

EU-27
10.0

Source: World Steel Association

Prepared by: Dr. Sanjoy Kumar Saha, Economist

12.2
11.4
10.6

10.5

20.0

10.7

10.1

China

-2.2

0.0

12.6
11.7

9.0

8.9
7.9
6.8

7.0

6.1

3.5
Q1

Q2

Q3

Q4

Q1

2007

Q2

Q3

2008

Q4

Q1

Q2

Q3

Q4

2009

Source: National Bureau of Statistics

Weekly Steel Market & EconTracker

Vol. 83 / 27 Jan, 2010

Market Pulse
Weekly Trend

Crude Steel
Production (mmt)

Steel Co. Stock Prices

Raw Materials

Rebar

Billet

HDG

CRC

Plates

HRC

Slab

Products
($/t)

Markets
US Import
CIS Export
Far East Import
Latin America Export
US Import
USA Midwest Domestic
EU Domestic
CIS Export
East Asia Import
China Export
China Domestic
Iran Domestic
World Export
US Import
USA Midwest Domestic
CIS Export
East Asia Import
China Export (Heavy)
China Domestic
Iran Domestic (Heavy)
US Import
USA Midwest Domestic
EU Domestic
Japanese Export
China Domestic
Iran Domestic
US Import
USA Midwest Domestic
EU Domestic
Japanese Export
China Export
China Domestic
Iran Domestic
CIS Export
Turkish Export
LME Cash (Meditn)
LME Futures (Meditn-3 mts)
CIS Export
Turkish Export
China Export
China Iron Ore Fines cfr
Coking Coal-Australia Spot
Coke-Chinese Export
No.1&2 HMS Scrap Export - US East Coast*
EU Rotterdam HMS No1&2 Export^
Rotterdam Shredded#
Baltic Supramax Index
Freight (Brazil-China)
Ferro-Mang. China Exp
Silico-Mang. China Exp
Zinc LME - 3 months
Zinc LME Cash
Crude Oil WTI ($/barrel)
Natural Gas Henry Hub ($/mmbtu)
LNG - Japan ($/mmbtu)
ArcelorMittal (Paris, EUR)
Nucor Corp. (NYSE, USD)
AK Steel (NYSE, USD)
CSN (Sao Paolo, BRL)
Severstal (RTS, USD)
Baosteel (Shanghai, CNY)
POSCO (KSE,1000 KRW)
Tata Steel (NSE, INR)
SAIL (NSE, INR)
Dow Jones US Steel Index

World
China
EU
Japan
CIS
USA
India
MENA

This
Week
496
410
490
395
601
673
531
533
575
550
551
620
549
656
805
525
585
575
581
640
711
783
653
755
779
766
937
717
713
758
963
445
475
417
446
465
525
568
132
170
405
318
318
323
2535
32
1505
1385
2474
2440
74.7
5.4
40.9
43.6
21.2
29.1
11.6
7.5
572.0
613.7
223.2
240.4

Last
Week
496
410
490
395
601
673
536
523
575
555
562
607
549
656
805
525
585
575
588
621
711
783
660
774
768
766
937
841
720
763
969
445
475
417
446
465
525
573
135
170
405
318
318
323
2535
32
1505
1385
2474
2440
78.0
5.7
46.1
48.1
23.9
33.4
10.0
8.7
604.0
639.4
234.0
279.2

%
Change
0.0
0.0
0.0
0.0
0.0
0.0
-1.0
1.9
0.0
-0.9
-1.8
2.3
0.0
0.0
0.0
0.0
0.0
0.0
-1.1
3.0
0.0
0.0
-1.0
-2.4
1.5
0.0
0.0
-14.7
-1.0
-0.6
-0.7
0.0
0.0
0.0
0.0
0.0
0.0
-0.9
-2.6
0.0
0.0
0.0
0.0
0.0
0.0
0.2
0.0
0.0
0.0
0.0
-4.2
-4.6
-11.4
-9.5
-11.1
-12.8
15.5
-13.8
-5.3
-4.0
-4.6
-13.9

Dec-09

Nov-09

106.4
47.7
12.2
9.0
8.9
5.8
5.0
2.1

107.1
47.3
14.0
8.9
8.7
5.7
4.8
1.9

Past Trend
Jan-10

Dec-09

Oct-09

Jan-09

496
410
490
395
601
673
534
528
575
553
557
614
549
656
805
525
585
575
585
631
711
783
656
700
765
774
766
937
779
750
716
761
966
445
475
417
446
465
525
570
133
170
405
318
318
323
2535
32
1505
1385
2474
2440
76
6
43
46
23
31
11
8
627
608
229
260

463
410
465
395
539
597
541
508
532
518
540
611
527
612
716
515
545
536
546
588
660
708
665
690
739
734
766
787
848
720
690
732
959
415
427
374
403
440
477
538
109
170
405
277
281
286
2360
35
1442
1385
2411
2375
74
5.4
9.5
29.5
44.3
20.9
58.4
8.7
9.0
592.8
574.5
217.3
245.3

472
457
458
418
579
615
615
518
500
474
495
659
520
616
719
535
540
496
506
599
711
736
794
700
672
753
715
862
860
760
640
674
952
403
435
350
374
451
471
487
92
170
402
249
248
254
1849
26
1315
1381
2094
2071
76
5.0
9.1
25.3
44.3
19.0
58.9
8.3
7.0
515.0
529.3
176.9
223.1

502
369
390
370
524
573
563
380
482
566
553
533
492
1113
970
635
555
565
557
782
639
683
697
1170
653
841
739
772
702
1200
673
664
995
390
405
319
346
470
503
684
80
140
402
263
264
272
427
18
2875
2010
1211
1187
42
5.1
12.7
18.5
42.2
9.9
35.2
2.8
5.1
375.4
203.6
79.5
176.6

Oct-09

Sep-09

Aug-09

Jul-09

Dec-08

113.6
51.7
14.7
8.8
8.9
6.0
4.9
2.0

109.8
50.7
13.7
8.3
8.8
5.8
4.8
2.0

107.9
52.3
10.6
8.3
9.3
5.5
4.9
2.0

104.0
50.7
11.4
7.7
8.3
5.0
4.8
1.9

81.7
37.7
9.1
7.5
5.8
3.9
4.6
1.7

% Change
q-o-q
5
-10
7
-5
4
9
-13
2
15
17
13
-7
6
6
12
-2
8
16
16
5
0
6
-17
0
14
3
7
9
-9
-1
12
13
1
10
9
19
19
3
11
17
45
0
1
28
28
27
37
24
14
0
18
18
1
12
72
4
18
-47
30
16
22
15
29
16
% Change
m-o-m
q-o-q
-1
-3
1
-6
-13
-11
1
8
2
0
2
1
3
4
9
4
m-o-m
7
0
5
0
11
13
-1
4
8
7
3
0
4
7
12
2
7
7
7
7
8
11
-1
1
3
5
0
19
-8
4
4
4
1
7
11
12
11
6
10
6
22
0
0
15
13
13
7
-8
4
0
3
3
3
3
47
3
8
-46
24
-10
6
6
5
6

y-o-y
-1
11
26
7
15
17
-5
39
19
-2
1
15
12
-41
-17
-17
5
2
5
-19
11
15
-6
-40
17
-8
4
21
11
-38
7
15
-3
14
17
31
29
-1
4
-17
67
21
1
21
20
18
494
78
-48
-31
104
106
82
10
135
9
128
-11
287
57
67
198
187
47
y-o-y
30
27
35
20
53
48
7
20

* No HMS 1&2 (80:20 mix) US export fob East Coast, ^ HMS 1 & 2 (80:20 mix) Rotterdam Export, # Shredded fob Rotterdam

Prepared by: Dr. Sanjoy Kumar Saha, Economist

Weekly Steel Market & EconTracker

Vol. 83 / 27 Jan, 2010

Flat
Indian Flat
Indian Flat
Products
Imports ($/t) Imports ('000 t) Imports
(mmt)

Flat Products
Exports (mmt)

Consumption
(mmt)

Carbon - Flat Rolled


Inventories (mmt)

Market Pulse Continued


Nov-09
USA Service Centers:
Shipments
Month End Inventory
No. of Months' Supply
Canadian Service Centers:
Shipments
Month End Inventory
No. of Months' Supply
China
USA
Russia
Germany
Brazil
China
Ukraine
Japan
South Korea
USA
United Kingdom
Thailand
USA
Plate
HRC
CRC
GP/GC/Coated
CRGO
Total
Plate
HRC
CRC
GP/GC/Coated
CRGO

Oct-09

Sep-09

Aug-09

Jul-09

Jun-09

Nov-08

1.33
2.98
2.2

1.49
2.95
2.0

1.43
2.71
1.9

1.44
2.50
1.7

1.37
2.54
1.8

1.33
2.75
2.1

1.42
4.52
3.2

0.21
0.47
2.2
Nov-09
44.2
5.5

0.22
0.46
2.1
Oct-09
48.8
5.8

0.23
0.46
2.0
Sep-09
48.5
5.3

0.21
0.45
2.2
Aug-09
50.1
5.1

0.20
0.47
2.4
Jul-09
49.2
4.7

0.19
0.52
2.7
Jun-09
48.1
4.0

0.21
0.58
2.8
Nov-08
31.2
5.5

4.8 Oct
3.3
Nov-09
0.19
1.69
0.58 Oct
2.18
1.33
0.51
Nov-09
0.27 Oct
0.51
0.49
Dec-09
12
391
54
32
28
516
Dec-09
1300
592
834
735
1813

4.8
2.6
Oct-09
0.32
1.48
0.58
2.34
1.33
0.57
Oct-09
0.27
0.48
0.54
Nov-09
32
356
80
31
33
531
Nov-09
832
575
667
756
2017

2.8
2.8
Sep-09
0.41
1.27
0.55
2.30
1.33
0.60
Sep-09
0.24
0.42
0.49
Oct-09
59
238
62
59
35
453
Oct-09
801
536
616
866
2067

3.2
2.5
Aug-09
0.25
1.04
0.49
2.26
1.33
0.43
Aug-09
0.18
0.35
0.40
Sep-09
33
177
87
47
26
370
Sep-09
834
569
563
749
2089

2.4
2.3
Jul-09
0.18
0.73
0.59
2.08
1.34
0.38
Jul-09
0.18
0.35
0.35
Aug-09
51
361
100
55
48
617
Aug-09
676
546
565
696
1823

2.1
2.0
Jun-09
0.22
0.50
0.40
1.71
1.30
0.37
Jun-09
0.16
0.20
0.31
Jul-09
111
312
69
43
29
565
Jul-09
631
468
576
716
1998

2.2 Oct
3.0
Nov-08
0.11
1.24
0.55 Oct
1.60
0.85
0.45
Nov-08
0.38 Oct
0.45
0.72
Dec-08
29
154
24
33
26
266
Dec-08
1658
1176
1292
1347
-

m-o-m
-11
1
13

% Change
q-o-q
y-o-y
-7
-6
19
-34
28
-30

-4
2
6

2
3
1

2
-20
-22

-10
-7

-12
7

42
-1

72
26

98
35

125
10

-42
14
6
-7
0
-11

-25
63
-1
-3
0
19

63
36
5
36
55
13

11
6
-9

49
44
22

-28
14
-32

-63
10
-32
2
-15
-3

-65
120
-38
-32
10
39

-60
154
123
-4
7
94

56
3
25
-3
-10

56
4
48
-2
-13

-22
-50
-35
-45
-

Source: Metal Bulletin, CRU, SBB, Capital Link Shipping, The TEX Report, EIA, IISI, IBIS, JPC, MSCI, World Bank

GDP
Fixed
Asset
Invst
Industrial
Production
Export of
Goods
($ billion)

Growth in Economic Indicators y-o-y (%)

EconTracker
USA
Canada
Euro Area
Japan
India
China
Russia
Thailand
Indonesia
Euro Area
China
India
US Manufacturing Index (ISM PMI)
USA IIP
Euro Area
India
China
Russia
Thailand
Indonesia

USA
Euro Area
China
India

Q4/08
-3.8
23.3
5.1

Q3/08
0.0
0.3
0.4
-1.4
7.7
9.0
6.4
4.0
6.1
Q3/08
1.9
28.8
12.5

Q2/08
1.6
0.7
1.4
-0.3
7.8
10.1
8.5
5.3
6.4
Q2/08
3.8
27.2
9.2

Q1/08
2.0
1.7
2.2
1.3
8.6
10.6
8.5
6.0
6.3
Q1/08
5.1
25.9
11.2

Q4/07
2.5
2.8
2.2
1.9
9.3
11.4
9.5
5.7
6.3
Q4/07
5.6
24.0
16.3

Q3/07
2.7
3.1
2.7
1.7
9.0
12.2
7.3
4.9
6.5
Q3/07
6.8
26.1
18.0

Q2/07
1.9
2.8
2.7
2.3
9.2
12.6
8.0
4.6
6.4
Q2/07
7.5
27.4
14.9
Nov-08
32.9 Dec
(-) 8.9 Dec

Q3/09
-2.6
-3.2

Q2/09
-3.8
-3.2

Q1/09
-3.3
-2.3

Q4/08
-1.9
-1.0

-4.1

-4.8

-5.0

-1.8

-5.1

-5.8

-8.9

7.9
10.7 Q4

6.1
7.9

5.8
6.1

-8.9
-2.8
4.2
Q3/09

-10.9
-4.9
4.0
Q2/09

-9.5
-7.1
4.4

-4.1
5.8
6.8
1.2
-4.3
5.2

-11.9
32.9
7.3

-12.2
39.0
4.2

Q1/09
-10.6
28.6
6.4

Nov-09

Oct-09

Sep-09

Aug-09

Jul-09

Jun-09

May-09

Apr-09

Mar-09

55.9 Dec
(-) 2.0 Dec
-7.6
11.7
18.5 Dec
1.5
8.9
1.8

55.7
-6.7
-10.0
10.3
16.1
-11.2
1.3
2.8

52.6
-5.7
-14.2
9.6
13.9
-9.5
0.4
-0.3

52.9
-10.0
-14.7
10.6
12.3
-12.6
-10.3
0.1

48.9
-12.2
-16.0
7.2
10.8
-10.8
-7.3
-0.7

44.8
-13.3
-16.5
8.3
10.7
-12.1
-7.8
0.2

42.8
-13.1
-17.9
2.1
7.3
-17.1
-10.0
1.8

40.1
-12.4
-20.1
1.1
7.3
-16.9
-9.7
1.5

36.3
-12.5
-19.6

Dec-09

Oct-09

Sep-09

Aug-09

Jul-09

Jun-09

Dec-08

94.6 Nov
165.5 Nov
130.8
14.6

94.6
165.5
113.7
13.2

90.3
158.6
115.9
13.6

86.8
147.4
103.7
14.3

86.8
151.6
105.3
13.6

84.1
144.3
95.5
12.8

97.5 Nov
153.0 Nov
111.1
12.7

Prepared by: Dr. Sanjoy Kumar Saha, Economist

m-o-m
1.2
-4.4
15.0
10.6

0.3
8.3
-13.7
-15.4
1.6

-8.5
2.5
5.7 Dec
-8.7
-6.6
1.9

% Change
q-o-q
9.0
12.3
12.8
7.4

y-o-y
-3.0
8.2
17.7
15.0

Weekly Steel Market & EconTracker

Vol. 83 / 27 Jan, 2010

Inflation

Interest rates
(Short Term)

Exchange rate
(per US$)

India Infra

India

Fixed Asset Invst in


China ($ billion)

USA

Housin
g

Automobile
Sales ('000)

EconTracker (Contd.)
Dec-09

Nov-09

Oct-09

Sep-09

Aug-09

Jul-09

Dec-08

Passenger Cars (USA)


Total Light Vehicles (USA)
Passenger Vehicles (China)
All Vehicles (China)
Passenger Cars (India)
Commercial Vehicles (India)

518
1030
1107
1367
115.3
48.6
Dec-09

378
747
1010
1350
133.7
40.8
Nov-09

432
838
923
1230
132.0
42.6
Oct-09

402
746
1017
1330
129.7
45.5
Sep-09

727
1262
849
1170
120.7
40.6
Aug-09

555
998
833
1086
115.1
37.6
Jul-09

424
895
587
742
82.2
17.9
Dec-08

New Permits - US ('000)


Starts - US ('000)
Chinese Realty Climate Index

653
557

589
580

551
524

580
581

564
593

102.78 Nov
Dec-09
88.66
85.44
89.45
116.10
82.90
80.99
Nov-09
3.71
5.96
4.12
7.10
5.38
18.17
2.49
30.68
52.05
Nov-09
482.9
490.5

102.03
Nov-09
87.94
83.48
92.11
115.55
83.67
92.22
Oct-09
3.74
5.51
4.26
5.62
4.48
18.45
3.45
30.50
58.67
Oct-09
475.4
460.2

101.08
Oct-09
87.99
85.00
91.40
116.37
82.15
87.08
Sep-09
4.44
6.68
4.35
7.88
5.42
21.48
2.88
32.93
67.79
Sep-09
554.4
485.8

575
586
100.08

98.01
Aug-09
87.63
84.23
91.02
116.51
80.30
83.20
Jul-09
3.68
5.98
3.57
7.06
4.80
17.50
3.12
31.27
56.43
Jul-09
455.1
455.0

96.55
Jul-09
87.19
82.60
89.72
115.78
78.79
80.76
Jun-09
5.60
8.68
6.42
9.93
6.14
24.73
4.42
36.41
76.37
Jun-09
482.1
426.9

564
556
98.46 Nov

Fabricated metal product


Machinery
Electrical equipment & component
Other transportation equipment
Durable consumer goods
Household appliances
Metal Products
General Purpose Machinery
Special Purpose Machinery
Transportation Equipment
Electric Machinery & Equipment
Electricity, Gas and Water
Construction
Transportation, Storage and Post
Real Estate
Machinery and Equipment
Transport Equipment and Parts
Consumer durables
Coal (mmt)
Electricity Generation (Gwh)
Crude Petroleum ('000 tons)
Petroleum products ('000 tons)
Cement ('000 tons)
Overall Growth (%)

Canadian Dollar
Euro
Indian Rupee
Chinese RMB
Russian Rouble
Iranian Rial
Saudi Riyal
Thai Baht
Indonesian Rupiah
LIBOR - 3 month
MIBOR - 3 month
US 90-day T-Bill
US Bank Business Loan
Euro Area
India
China
Russia
Saudi Arabia
Thailand
Indonesia
US
Euro
India (WPI)
China
Russia
Saudi Arabia
Thailand
Indonesia

Sep-09
88.18
83.08
91.08
117.82
82.94
83.48
Aug-09
3.67
5.43
3.66
5.63
3.94
15.77
2.49
33.01
58.96
Aug-09
474.0
464.8

Dec-08
102.36
99.75
99.11
123.18
82.59
80.94
Nov-08
3.38
4.56
3.38
5.63
3.49
15.15
1.61
22.20
46.34
Nov-08

507.5

510.5

545.0

491.8

489.1

435.0

427.8
354.6
369.5

Nov-09

Oct-09

Sep-09

Aug-09

Jul-09

Jun-09

Nov-08

44.4
57297
2792
12510
16055
5.3

42.6
65268
2852
13263
16069
3.8

36.8
63565
2770
12597
15330
4.1

37.7
66080
2774
12860
17805
7.1

35.9
62933
2790
11396
16230
2.5

39.2
63191
2752
12207
17360
6.8

43.0
58348
2837
11926
14729
0.8

Weekly Trend
This week Last Week % Change
1.0609
1.0286
-3.14
0.7090
0.6970
-1.72
46.52
45.62
-1.98
6.8368
6.8368
0.00
30.33
29.62
-2.41
10089.00
10073.00
-0.16
3.7507
3.7510
0.01
33.07
32.91
-0.48
9310.00
9230.00
-0.87
This week Last Week bps Change
0.25
0.25
0.00
4.57
4.56
0.01
0.14
0.18
-0.04
3.25
3.25
0.00
0.67
0.68
-0.01
3.80
3.67
0.13
1.88
1.85
0.03
8.75
8.75
0.00
0.77
0.77
0.00
1.35
1.35
0.00
7.01
7.02
-0.01
Dec-09
Nov-09
Oct-09
-0.2
2.7
1.8
-0.1
0.9
0.5
1.3
7.3
4.8
-0.5
1.9
0.6
9.7
8.8
9.1
3.5
4.0 Nov
4.0
0.4
3.5
1.9
2.6
2.8
2.4

Dec-09
1.0562
0.6850
46.63
6.8362
29.99
10053.10
3.7537
33.42
9531.60
Dec-09
0.25
4.44
0.16
3.25
0.72
3.43
1.82
8.94
0.77
1.35
7.12
Sep-09
-1.3
-0.3
0.5
-0.8
10.7
4.4
-1.0
2.8

Past Trend
Nov-09
Sep-09
1.0630
1.0829
0.6714
0.6875
46.74
48.44
6.8356
6.8390
29.00
30.85
10065.51 10060.44
3.7531
3.7541
33.49
34.08
9462.12
9867.21
Nov-09
Sep-09
0.27
0.35
4.49
4.64
0.14
0.19
3.25
3.25
0.72
0.78
3.26
3.39
1.80
1.75
9.38
10.63
0.77
0.65
1.35
1.35
7.13
6.99
Aug-09
Jul-09
-1.5
-2.1
-0.2
-0.7
-0.9
-1.4
-1.2
-1.8
11.6
12.0
4.1
4.2
-1.0
-4.4
2.8
2.7

Dec-08
1.2360
0.7440
49.67
6.8676
28.20
10174.35
3.7559
35.51
11435.63
Dec-08
1.85
9.47
0.90
3.81
3.60
6.66
2.74
12.75
3.32
3.85
12.24

Jun-09
-1.4
-0.1
-1.4
-1.7
12.0
5.2
-4.0
3.7

m-o-m
37.0
37.9
9.6
1.3
-13.8
19.0
m-o-m
10.9
-4.0
0.75
m-o-m
0.8
2.3
-2.9
0.5
-0.9
-12.2
m-o-m
-0.7
8.2
-3.4
26.5
20.0
-1.5
-27.7
0.6
-11.3
m-o-m
1.6
6.6
-0.6
m-o-m
4.2
-12.2
-2.1
-5.7
-0.1

% Change
q-o-q
28.8
38.1
8.8
2.8
-11.1
7.0
q-o-q
13.6
-4.9
2.70
q-o-q
0.5
2.8
-1.8
-1.5
0.0
-3.0
q-o-q
1.3
9.7
12.4
26.1
36.4
15.3
0.2
-7.1
-11.7
q-o-q
1.9
5.5
3.2
q-o-q
17.8
-13.3
0.6
-2.7
-9.8

m-o-m
-0.64
2.03
-0.24
0.01
3.41
-0.12
0.02
-0.22
0.73
m-o-m
-0.02
-0.05
0.02
0.00
0.00
0.17
0.02
-0.44
0.00
0.00
-0.01
May-09
-1.3
0.0
0.5
-1.4
12.3
5.5
-3.3
3.8

% Change
q-o-q
y-o-y
-2.47
-14.55
-0.36
-7.93
-3.73
-6.12
-0.04
-0.46
-2.77
6.35
-0.07
-1.19
-0.01
-0.06
-1.94
-5.89
-3.40
-16.65
q-o-q
y-o-y
-0.10
-1.60
-0.20
-5.03
-0.03
-0.74
0.00
-0.56
-0.06
-2.88
0.04
-3.23
0.07
-0.92
-1.69
-3.81
0.12
-2.56
0.00
-2.50
0.14
-5.12
Apr-09
Dec-08
0.1
-0.7
1.6
0.6
6.2
0.7
1.2
-1.5
13.3
13.2
9.5 Nov
5.2
0.4
-0.9
11.1
7.3

y-o-y
22.2
15.1
88.7
84.2
40.3
171.6
y-o-y
15.8
0.2
4.32
y-o-y
-13.4
-14.3
-9.8
-5.7
0.4
0.1
y-o-y
9.9
30.7
21.9
26.1
54.3
19.9
55.3
38.2
12.3
y-o-y
12.9
38.3
37.3
y-o-y
3.3
-1.8
-1.6
4.9
9.0

Source: Federal Reserve, US Census Bureau, NBS, CSO, RBI, OECD, Eurostat, Central Bank of Russia, The Economist, SIAM, oanda.com

Prepared by: Dr. Sanjoy Kumar Saha, Economist