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1970-01-01 00:00 
Copper Spot News- Check out best bets for crude, gold, copper
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- China Aug commodity imports shows economy resilient
- BHP Billiton’s Coal Miners Resume Strikes After Talks Fail
- First Quantum lines up USD 1 billion in financing
Jul
22
London –Flat products prices in most of Europe have slipped slightly from a peak in June according to MEPS, the UK-based steel consultancy.
This in spite of third quarter contract values in Scandinavia being higher than spot figures in mainland Europe. Flat products prices have been supported by a stronger than average economic recovery in the Nordic countries, especially Sweden, MEPS said.
“However, consumption across Europe is not anticipated to pick up quickly,” the report stated. “There is a widely held view that steel makers will need to cut production in order to balance supply with demand and support prices.”
Long products prices have generally fallen in northern Europe this month. Products, such as rebar, are most directly influenced by the cost of ferrous scrap, the consultancy said. Sales volumes have held up well in the run up to the summer stoppages.
MEPS said the stainless steel market is quiet due to the impending vacation and nervousness regarding nickel values. Sales activity was reasonable in June despite the anticipation of low alloy surcharges in July, the report said.
“Consumption by the automotive and engineering industries is good but most steel makers can see no orders beyond September/October, according to MEPS.
“Some Scandinavian suppliers sold reasonable tonnages in June, thanks to increasing demand from the shipbuilding and offshore sectors,” according to the consultancy. “Observers are cautiously optimistic about activity in the second half of 2010”