The decline in manufacturing activity in Europe in July has now been compounded by the August holiday period, resulting in widespread weakness across the region. Smelters in China continue to run at reduced utilisation rates as the market awaits the stimulus-led upturn in demand, and a meaningful reconstruction-related demand recovery in Japan has so far failed to materialise. US fabrication is still healthier than elsewhere, especially for products destined for the auto sector. Despite patchy demand, premia have firmed across all regions as financing deals continue to support them, particularly in Europe and the USA.
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