The world’s largest independant steel trader has announced that sales are up 44% in the first half of this year, according to the FT.

Chairman Ralph Oppenheimer did warn that these impressive figures may not continue into the second half though, "The upward movement in steel and commodity prices stalled in June, and economic prospects look somewhat questionable at present," he said. "I expect a strong second half, even if it may not fully match the first half."

The UK based trader sold 7.9 million tonnes of steel and raw material compared to 5.5 million in the first half of 2009. Oppenheimer continued, "Our stock positions are appropriate to the current market. Our forward sales order book for the second half is firmer than it was at the beginning of the year". China's slowdown has spooked the major players in the steel industry.