July 2012 | Stainless Steels
Buyers lack conviction: European Highlights
A lack of clarity in the outlook for the months ahead destroys purchasing activity.
As the European debt crises rumbles on, confidence in the region is being eroded, effectively paralysing decision-making by businesses. Although industrial production in the Eurozone did expand in May, expectations for June are for a contraction. Eurozone manufacturing and service output contracted for the fifth month in June, suggesting that downstream demand for stainless steel products is weakening. Activity is also likely to disappoint through the second half of 2012 amid weak domestic and foreign demand.
Owing to a lack of conviction by buyers, trades in the market have been light. Prices for 2mm Grade 304 cold rolled stainless sheet dipped by around 40 ($50.28)/tonne to 1,085/tonne for August delivery material. Domestic Grade 304 stainless steel bright bar base prices also followed the same downward trend, loosing around 30 ($37.71)/tonne to trade at...
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