Activity will remain limited through February

摘要

Holidays in both Brazil and China coupled with slow demand in Europe has resulted in an extremely quiet marketplace almost everywhere. This scenario is expected to continue unchanged through February. With the lack of real demand, prices should be coming under more pressure but there seems to have been just enough spot demand to date to keep the market from showing any real sign of weakness. Having said that there is little support in either Brazil or Europe where producers are still indicating higher levels but without the volumes to justify them. As such price levels are more likely than not to weaken over the next two weeks.