European Highlights

摘要

The European demand picture has taken a clear, weaker direction. The key construction and automotive sectors stepped down and with them stainless demand. On the back of the demand picture prices eased slightly again this month, but more noticeable has been the lack of activity. Ordering is considerably lighter. Easter could account for some of the low activity. The holiday being extended by purchasers conscious of the weak demand and sonot needing to return to the negotiation table. Any orders are for immediate demand, especially as stockists raised their holdings in January and February. With Q3 seasonably weaker, we anticipate demand will remain low until Q4 now. Base prices are expected to hold steady for the coming quarter. However, if material availability rises (through opportunistic production or imports) then base prices will come under increasing pressure.