European Market Highlights

摘要

The demand outlook remained weak over September and buyers adopted a wait-and-see strategy on the assumption that prices would soften further. Prices declined during mid-September when suppliers reduced offers to make sales and a small number of transactions took place with reductions of 20 euros/tonne on previous levels. However, buying did not pickup at a significant rate and prices have remained largely unchanged over September with European import prices also softening. Market participants believe there was surplus material available and that many end-users have been left with higher than anticipated stock levels. At the same time, demand is considerably weak with the European automotive sector continuing to look poor with little improvement likely during the fourth quarter. Macro-economic conditions are still inhibiting consumers and the weaker demand outlook is having a significant impact on market sentiment. MBR expects buying to remain low over the next month with the possibility of further declines over the fourth quarter.