European situation for the time being and believe for long time to come is the most worrying and problematic.
The disappointing trend taken by the market after summer holiday was unfortunately not surprising at all. In fact, already during the period between second half of June to end of July, everybody could understand that expectations were not positive, owing the difficult situation across all products and areas.
After the financial crisis of 2008 / 2009 affecting the banking system we are now facing a new crisis affecting the States and their capacity of repaying the accrued debts. Debts that have reached dizzy height, also due to bail outs plans, implemented for rescuing the banking system.
This crisis is going to be, most probably, deeper and longer than the previous one. Certainly next 1 to 2 years will be extremely tough and challenging, with no exception as far as economic sector are concerned, being production, trading or distribution.
The main problem will be the lack of funds and credit as we can already see not only in the troubled and discussed PIGS but also in those so called virtuous countries such Germany and France. The accrued outstanding of many French and German Banks with Greece is considered to have reached a dangerous level which is leading to restrictive credit policies by the banking system of these countries.
Recently the inflation within EU27, has again reached a level (above 3%) that is calling the attention of ECB. While till 15 days ago expectations was that, under the pressure of the market and the overall situation ECB would have eased interest rates, cutting at least 50 basis points, now the operators are worried about a possible increase of the same interest rates that, although in line with ECB orthodoxy, will not certainly shorten the way to a possible recovery.
So neither the States nor the Banks have the money that would be necessary for implementing stimulating policies. On the contrary, both of them are looking for taking money from the pockets of the consumers either asking to refund credits or imposing new and higher taxes.
The consequence is a lower consumption levels and thus an inadequate GDP growth that is not allowing repaying debts, that is not allowing stimulating the economy and finally the dog has succeeded to bite his tail!
This is the scenario in which the steel European steel industry is presently working with situations that are varying from state to state but that are sharing the same level of distress and apparent inadequacy of any measure so far implemented or even indicated.
1. Plates
HRP
S 235 / S275JR
5-20x2000
| Country | Domestic | Import |
| Germany | 0 | 0 |
| Spain | 0 | 0 |
| Italy | 0 | 0 |
Change is on Oct 7th as compared to 30th Sep 2011
In EUR per tonne
2. Hot Rolled Coils
HRC
S235JR
2-12x1000-1500
| Country | Domestic | Import |
| Germany | -20 | 0 |
| Spain | -5 | -5 |
| Italy | 0 | 0 |
Change is on Oct 7th as compared to 30th Sep 2011
In EUR per tonne
3. Cold Rolled coils
CRC
DC 01
0.60 Avx1250
| Country | Domestic | Import |
| Germany | -40 | -10 |
| Spain | 0 | -10 |
| Italy | 0 | 0 |
Change is on Oct 7th as compared to 30th 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 | -10 |
| Spain | 0 | -10 |
| Italy | -10 | -10 |
Change is on Oct 7th as compared to 30th Sep 2011
In EUR per tonne
5. Merchant bars
Merchant bars (B)
S235JR
5 to 150 mm
| Country | Domestic | Import |
| Germany | 0 | 0 |
| Spain | 5 | -10 |
| Italy | 0 | 0 |
Change is on Oct 7th as compared to 30th Sep 2011
In EUR per tonne
6. IPN / UPN
IPN / UPN (B)
S235JR
50 to 400 mm
| Country | Domestic | Import |
| Germany | 0 | 0 |
| Spain | 5 | -10 |
| Italy | 0 | 0 |
Change is on Oct 7th as compared to 30th Sep 2011
In EUR per tonne
7. HEA/B/M
HEA/B/M (E)
S235JR
100 to 600 mm
| Country | Domestic | Import |
| Germany | 0 | 10 |
| Spain | 0 | 10 |
| Italy | 0 | 10 |
Change is on Oct 7th as compared to 30th Sep 2011
In EUR per tonne
8. De-Bars
De-Bars (E)
FE500
6 to 40 mm
| Country | Domestic | Import |
| Germany | 0 | 0 |
| Spain | 0 | 5 |
| Italy | 0 | 0 |
Change is on Oct 7th as compared to 30th Sep 2011
In EUR per tonne
9. WRC Mesh
WR Mesh (E)
S235JR
5.5 to 16 mm
| Country | Domestic | Import |
| Germany | -10 | 0 |
| Spain | 0 | 5 |
| Italy | 5 | -10 |
Change is on Oct 7th as compared to 30th Sep 2011
In EUR per tonne
10. WRC Drawing
WR Drawing (E)
SAE 1006/8
5.5 to 16 mm
| Country | Domestic | Import |
| Germany | 0 | 0 |
| Spain | 0 | 0 |
| Italy | 0 | 0 |
Change is on Oct 7th as compared to 30th Sep 2011
In EUR per tonne
(E) - Effective
(B) - Base
CFR Antwerp
Change is on Oct 7th as compared to 30th Sep 2011
In EUR per tonne
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