During the past month, the downward trend in global steel sheet prices has continued. Reflecting this, the CRU spi for sheet products has weakened again, falling for the sixth month in succession, this time by almost 2 percent from last month's level. At 147.2, this weighted index of world steel sheet prices is now almost 14 percent lower than it was at its most recent peak, which occurred last July. Moreover, the likelihood is that we will see further declines during the coming months, despite the recent emergence of pockets of strength in Asia. The current downturn in world steel sheet prices commenced last August and initially stemmed primarily from developments in Asia. In recent months, however, price falls in the USA have very much acted as the driving force. During the final quarter of last year, for example, our assessments of steel sheet prices in the US Midwest fell, on average, by almost 90 US dollars/tonne. In comparison, German domestic prices fell by an average of 8 US dollars/tonne over the same period, while average Far East import prices lost some 12 US dollars/tonne.
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