The steel prices in all the three steel consuming countries, Italy, Spin and Germany, covering both North and South Europe continued to crash last week across all product categories for both domestic as well imported sources.
This reflects inherent weakness on demand side and does not forebode well for the prospects in coming months especially as the demand will further shrink in winter times.
It seems that the situation is much worse than what is being indicated by the numbers as the main issue is loss of consumer confidence and sentiments, which is the worst thing to happen. The market seems to be heading to situation similar to post sub prime crisis in 2008.