The debt concerns weighed heavily on the minds of steel buyers in Europe last week and the mood remain subdued depressing prices of most the categories.

European debt crisis is radiating panic amongst all its trading partners and steel market players are stupefied with the looming impact of the crisis which refuses to fitter away.

Euro zone leaders last week have agreed on a new EUR 109 billion bailout for Greece and new steps to prevent its debt crisis from metastasizing across the continent, in a plan expected to trigger the first debt default by a nation using the common currency.

The meeting also produced a stark and open ended declaration “The wider euro zone is committed to financing countries that take bailouts thus far, Greece, Ireland and Portugal for as along as it takes them to regain access to private lenders.”

The move is a bold bid by Europe's leaders to corral an 18 month old debt crisis that is veering dangerously out of control.

Markets stopped lending to Greece, then Ireland, then Portugal. Fearful that policy maker have no concrete strategy for shoring up the larger economies of Spain and Italy, investors have lately soured on them as well.

Financial markets have been highly volatile in recent days as a credibility crisis over heavily indebted European countries' ability to repay loans has threatened to spread to Italy, the euro zone's third biggest economy.

The Italian parliament last week raced to adopt its austerity measures in record time after a draft was put forward by the government just two weeks ago. In a report, the central bank warned that if bond rates remain at their current elevated level this could have considerable costs for public accounts and a risk of repercussions on the financing costs of the economy. The report added that recent tensions in the eurozone had increased the urgency of proceeding with a consolidation of public finances in order to lower risk premiums and diminish long term borrowing rates.

Italy is the world's eighth biggest economy but is laden down by a public debt of about 120% of annual output, even though its budget deficit has remained relatively moderate compared to deficits elsewhere in Europe. The austerity budget, which will cut family tax benefits, reduce top tier pensions, slash regional subsidies and launch privatizations, aims to reduce the deficit to 0.2% of output by 2014 from 4.6% in 2010.

1. Plates

HRP
S 235 / S275JR
5-20x2000

Change is on July 22nd as compared to 15th July 2011
In EUR per tonne

2. Hot Rolled Coils

HRC
S235JR
2-12x1000-1500

Change is on July 22nd as compared to 15th July 2011
In EUR per tonne

3. Cold Rolled coils

CRC
DC 01
0.60 Avx1250

Change is on July 22nd as compared to 15th July 2011
In EUR per tonne

4. Hot Dipped Galvanized

HDG
DX 51 D / Z100-120 / AS
0.55 - 0.57x AW

Change is on July 22nd as compared to 15th July 2011
In EUR per tonne

5. Merchant bars

Merchant bars (B)
S235JR
5 to 150 mm

Change is on July 22nd as compared to 15th July 2011
In EUR per tonne

6. IPN / UPN

IPN / UPN (B)
S235JR
50 to 400 mm

Change is on July 22nd as compared to 15th July 2011
In EUR per tonne

7. HEA/B/M

HEA/B/M (E)
S235JR
100 to 600 mm

Change is on July 22nd as compared to 15th July 2011
In EUR per tonne

8. De-Bars

De-Bars (E)
FE500
6 to 40 mm

Change is on July 22nd as compared to 15th July 2011
In EUR per tonne

9. WRC Mesh

WR Mesh (E)
S235JR
5.5 to 16 mm

Change is on July 22nd as compared to 15th July 2011
In EUR per tonne

10. WRC Drawing

WR Drawing (E)
SAE 1006/8
5.5 to 16 mm

Change is on July 22nd as compared to 15th July 2011
In EUR per tonne

(E) - Effective
(B) - Base

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