The euro is facing a new challenge, the problem being the excessive consumption of some countries of the euro zone and the fact that their incomes can no longer finance the ever increasing expenditures.
Although considerably shattered, the euro is not going to collapse, believes the creator of the euro, economist and Nobel Prize winner Mr Robert Mandel. Mr Mandel is certain the euro will survive the most recent financial turbulences as well. He believes it is not good to take too high debts in a foreign currency.
The global crisis, the most difficult one for Europe since WWII, has for months been the main topic of meetings of finance ministers of the most developed countries and fast rising economies. The IMF has warned that the world economy has entered a dangerous new phase and that investors are becoming more and more skeptical about the ability of many countries to manage their debts. Investors and analysts warn that trust in the euro zone financial system will be hard to restore. The concern is even stronger after the IMF has reduced the world economy growth forecast for the USA and the euro zone members for this year and the next.
The euro zone will be facing further external pressure at the autumn IMF and World Bank sitting in Washington. Some believe it could be saved if countries with a high government budget surplus, such as China, would set aside part of the money for the purchase of the government’s debt in the euro zone. The World Bank assessed, however, that there is no simple remedy for the debt crisis of the euro zone. Big economies keep promising closer cooperation, but will not assume any financial obligations.
The International Monetary Fund pledged firm collective action on Saturday as warnings surged from around the world over a possible European economic meltdown. IMF said that Europe's leaders would take whatever action is needed to prevent the current debt crisis from escalating.
But there was still clear widespread nervousness over two coming hurdles
1. Whether Greece can satisfy the IMF and EU that it is implementing austerity reforms enough to earn another eight billion euro handout that will allow it to avoid default
2. Whether the parliaments of the 17 members of the eurozone will ratify the July 21 pact by mid October as targeted, to allow the new financing for Greece and for banks to get underway.
1. Plates
HRP
S 235 / S275JR
5-20x2000
| Country | Domestic | Import |
| Germany | 10 | 0 |
| Spain | 0 | 0 |
| Italy | 0 | 0 |
Change is on Sep 23rd as compared to 16th Sep 2011
In EUR per tonne
2. Hot Rolled Coils
HRC
S235JR
2-12x1000-1500
| Country | Domestic | Import |
| Germany | -20 | -10 |
| Spain | 0 | 5 |
| Italy | 10 | 10 |
Change is on Sep 23rd as compared to 16th Sep 2011
In EUR per tonne
3. Cold Rolled coils
CRC
DC 01
0.60 Avx1250
| Country | Domestic | Import |
| Germany | 10 | 0 |
| Spain | 5 | 0 |
| Italy | 0 | 10 |
Change is on Sep 23rd as compared to 16th Sep 2011
In EUR per tonne
4. Hot Dipped Galvanized
HDG
DX 51 D / Z100-120 / AS
0.55 - 0.57x AW
| Country | Domestic | Import |
| Germany | 10 | 0 |
| Spain | 10 | 0 |
| Italy | 10 | 10 |
Change is on Sep 23rd as compared to 16th Sep 2011
In EUR per tonne
5. Merchant bars
Merchant bars (B)
S235JR
5 to 150 mm
| Country | Domestic | Import |
| Germany | 0 | 0 |
| Spain | 0 | 5 |
| Italy | 0 | 5 |
Change is on Sep 23rd as compared to 16th Sep 2011
In EUR per tonne
6. IPN / UPN
IPN / UPN (B)
S235JR
50 to 400 mm
| Country | Domestic | Import |
| Germany | 0 | 0 |
| Spain | 0 | 0 |
| Italy | 10 | 10 |
Change is on Sep 23rd as compared to 16th Sep 2011
In EUR per tonne
7. HEA/B/M
HEA/B/M (E)
S235JR
100 to 600 mm
| Country | Domestic | Import |
| Germany | 0 | 20 |
| Spain | 0 | 0 |
| Italy | -10 | 20 |
Change is on Sep 23rd as compared to 16th Sep 2011
In EUR per tonne
8. De-Bars
De-Bars (E)
FE500
6 to 40 mm
| Country | Domestic | Import |
| Germany | 15 | 20 |
| Spain | 10 | 5 |
| Italy | 5 | 10 |
Change is on Sep 23rd as compared to 16th Sep 2011
In EUR per tonne
9. WRC Mesh
WR Mesh (E)
S235JR
5.5 to 16 mm
| Country | Domestic | Import |
| Germany | 10 | 20 |
| Spain | 5 | 5 |
| Italy | 0 | 15 |
Change is on Sep 23rd as compared to 16th Sep 2011
In EUR per tonne
10. WRC Drawing
WR Drawing (E)
SAE 1006/8
5.5 to 16 mm
| Country | Domestic | Import |
| Germany | -5 | 20 |
| Spain | 10 | 10 |
| Italy | 5 | 20 |
Change is on Sep 23rd as compared to 16th Sep 2011
In EUR per tonne
(E) - Effective
(B) - Base
CFR Antwerp
| Product | Grade | Thick mm | Change |
| HRP | S235JR | 10-60x2500 | 10 |
| HRP | S355J2+N | 10-60x2500 | 10 |
| HRC | S235JR | 2-12x1250 | 0 |
| CRC | DC 01 | 0.60 Avx1250 | 0 |
| HDG | DX 51 D/Z 180/NA-C | 0.60 Avx1250 | 0 |
Change is on Sep 23rd as compared to 16th Sep 2011
In EUR per tonne
The scope of service includes
1. Domestic pricing information in Germany, Italy and Spain
2. Import pricing information in Germany, Italy and Spain
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Products covered
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2. Long Products in Europe
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4. CFR Turkey prices
5. FOB levels for export FOB Black Sea, China, Turkey and India
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