Currency issues overshadow key markets

摘要

Weakening currencies have characterised much of the market this week with further depreciation in the euro and the Indian rupee versus the US dollar. As a result, price levels in both regions are expected to come under renewed pressure. In southern Europe no new price indications have been announced from Tunisia as tonnage from earlier cargoes lies unsold thereby depressing the market. In northern Europe at least one producer is indicating plans to reduce prices for new business in a bid to encourage some movement from end-users. The relentless depreciation in the euro over the past few weeks has effectively resulted in a $30/mt price increase since the beginning of February.