The flat rolled market in Western Europe seems to be at a turning point. Indeed, while it may be slightly too early to judge the health of the market, the early signs are more bearish than bullish. The holiday season is still weighing on activity, so the true health of the market will only become clear when the effects of this have dissipated. Certainly, uptake from the distribution sector remains lacklustre and there is still much talk of destocking. However, this period of stock adjustment has now been going on for some time and may be masking a more serious underlying problem in uptake. Meanwhile, conversion margins for sheet have slipped further and high stock levels persist. Furthermore, lead times may have fallen again, with some producers reporting that they can sell standards out of stock. In addition, lead times for plate also seem to have ebbed.
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