NORTH EUROPEAN STEEL
PRICES UNDER DOWNWARD PRESSURE AGAIN – MEPS
European flat products
prices have come under downward pressure during the past month.
Selling values in central and southern parts of the region have
recorded significant reductions. However, as is often the case,
there is a time lag between movement in transaction figures in the
Nordic region and those in the rest of Europe. Some supply chain
participants in Sweden and Norway have reported no change, as yet.
However, the weakening of their currencies means that, in effect,
selling values have slipped in euro terms.
There has been little improvement in demand for coil products from
the manufacturing sector. Car making activity is mixed. Steel buyers
in Europe report plenty of offers from Asia at prices lower than
those from local producers.
Demand for commodity grade plate is patchy, although steady sales of
higher quality steels for oil and gas applications have been
reported. There has been reasonable consumption by some producers of
trucks and yellow goods. Transaction values, in general, are down.
Basis figures for drawing quality wire rod are unchanged but prices
for all other long products reviewed have fallen, this month. While
there has been some increase in construction activity following the
extended winter period, the general seasonal upturn in demand has
been disappointing. Falling scrap costs have further contributed to
softening transaction values for finished products.
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