While all the signs are that the European long products market has now weathered the worst of the slump, as prices have remained above the low point touched in March, fluctuations in the past month indicate that although a floor has indeed been found, the market remains at the mercy of scrap prices and exchange rates, as no significant demand has yet materialised to support steady month-on-month increases in long product prices. Even during May, transaction prices are considered to have dipped and then rallied, indicating that the market is currently very volatile, though the number of active buyers remains limited.
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