March 2012 | Galvanized Steel and Tinplate Market Tracker
Bearish on European prices: European Market Highlights
EU macroeconomic fundamentals remain bearish.
European import prices registered a 2% gain month-on-month for March taking the price to $859/tonne. The sentiment across Europe has remained largely unchanged from previous months as weaknesses in the Euro zone continue. German PMI posted declines this month as the OECD claims the UK is now technically in a recession.
Buyers are in no rush to get involved with the coated market as prices for European domestic HDG for now remain stable but, the outlook is rather bleak. Prices on a year-on-year basis are down -14% for hot dipped galvanised material in the domestic market. Cold rolled coil prices are also suffering a similar situation as prices over the same basis are down -13%. Prices will likely see a slight retracement during the quarter as construction picks up but, we wont be expecting them to...
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