2008 was the year for soft metal demand and prices

As metal demand fell and prices shrunk the industry, according to Metals Deals 2008, softened PricewaterhouseCoopers’ annual review states.
The average deal value in the first half of 2008 was (US) $301 million, compared to (US) $318 the previous year.
This report is the latest of a series on deals reports from PricewaterhouseCoopers, covering industries such as mining, aerospace and defence, renewable energy, power, oil and gas. Together they create a comprehensive look at mergers and acquisitions across several industries worldwide.
“The year in metals M&A deal making saw a dramatic and sudden about turn,” says Jim Forbes global metals leader at PwC.
“Optimism that China would continue to compensate for downturns elsewhere was replaced by increasing concern about a weakening in global demand, including China. A steep rise in commodity prices in the first half of the year was followed by a deep slump.”