Last month's charts showed quarter-on-quartervariations in average US HR coil prices; they provided some reassurance that in the USA market a strong price recovery in one quarter is rarely followed by a complete reversal in the following quarter. This month looks at both the US and the EU markets for HR coil. There is an obvious problem about comparingtwo markets that set prices in two different currencies. Firstly, converting one of the price series into the currency of the other incorporates changes in currency values into price movements. Secondly, retaining actual currencies ignores the impact on prices when currency changes trigger physical arbitraging. A comparison of exchange rates will reduce distortions that might result from retaining separate currencies in this comparison.
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