June 2012 | Steel Tracker
European market worries far from over: International Long Product Market Analysis
Algerian buyers and stockists are reluctant to enter into long term contracts for significant quantities of rebar and wire rod as they hope for further cuts in offers.
Investors can glean a sense of accomplishment from the previous weekends Greek elections as policy makers make steps to shore up the debt situation. However, just when it appears that the cracks in the eurozone have been smoothed over new ones appear in the form of rising Spanish government bond yields. Economist predictions that Spain will require a bailout before long has pushed risk aversion higher with rebar offers for both domestic and imported material under pressure from weaker demand.In particular, Southern European steelmakers and traders have come under increasing pressure as their main export market of North Africa remains reluctant to commit to significant purchases. Algerian buyers and stockists are reluctant to enter into long term contracts for significant quantities of rebar and...
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