European steel market is showing ominous signs of peaking with cracks appearing in the hitherto impregnable flat product prices. The nearly 3 months long feast in the flat product market seems to be approaching end with offers from overseas sources softening by nearly Euro 20-30 per tonne.
It is learnt that HRC prices from Russian Mills have decreased from EUR 650 per tonne CFR FO Mediterranean ports to EUR 620 per tonne CFR FO.
Another major HR Plate supplier has decreased nominal offers from EUR 640 per tonne CFR FO Antwerp down to EUR 625 per tonne CFR FO.
Not surprisingly these roll backs has not evoked interest from buyers. A general sentiments of imminent and prolonged downslide is has made the market reticent about buying.
Concurrently market is not devoid of contradictory tendencies. It is learnt that some mills have booked good quantity for Far Eastern market at the peak levels, whereas others have stopped offering in local market in anticipation of hike. Hitherto desolate Spanish market is showing signs of revival but the buyers tend swap domestic supplies with cheaper imports. However happenings are an exception and certainly not a trendsetter.
(Source: www.steelguru.com )