Deutsch Bank Expects Major Steel Disruption From Japan’s Disaster

Deutsche Bank says the 8.9 earthquake that hit Japan on Friday has dramatically impacted the country’s industrial complex, destroying transportation infrastructure and production facilities. In 2010, Japan produced 110 mln mton of crude steel, accounting for 7.9% of global production, and roughly 23 mln mtons (27%) were exported in 2010. Firm says in total they est that up to 40% of the country’s steel production could be impacted in the short term as a result of this earthquake

Steel sector displaying relative strength

STLD +3.7% held at its Jan lows yesterday and this morning its reaching up toward its 50 sma and this wk/range highs (18.59/18.64), ATI, CLF, SID, GGB, NUE, PKX, RS, VALE, TX, X.