European flat product markets remain subdued
MEPS just reported more gloomy news from the European flat rolled markets. According to a report published today:
- buyers feel that prices still have some way to go downwards, and are holding off placing new orders
- Steel service centres are keeping inventories low because they are unclear about the direction of steel prices
- The German strip market is described as difficult
- French buyers remain very cautious given the current economic and financial uncertainty in the EU
- Whilst the Italian economy remains weak so market sentiment remains dampened.
For original report, see http://www.meps.co.uk/Keynote10-11.htm. Let us hope for more positive news as the New Year approaches.