It is learnt that the last weekend shock has sent tremors in the European market.
HRC offer levels are receding gradually from the opening levels of EUR 550 per tonne to EUR 560 per tonne CIFFO level basis LC at sight.
It is learnt that Corus is offering HRC at a price around EUR 520 per tonne CIFFO Spanish ports with 90 days LC from BL date.
Likewise Erdemir is offering HRC at EUR 515 per tonne CIFFO Antwerp
The lead time is getting squeezed to 1st week of October implying that the order books for October November are incomplete.
Ironically the stocks are low but buyers have become circumspect with such early negativism when market was yet to blossom after the vacation.