The US market is slow. Service centre inventories are unlikely to be fully adjusted until the end of the first quarter at the earliest. Transaction prices for a number of products continue to slide. High levels of imports, ordered earlier in the year, have contributed to the oversupply, despite strict production discipline by the major steelmakers. However, new offers of foreign steel now look less attractive.
The EU market is quiet after the holidays. Many deals were concluded just before Christmas. Buyers are holding back from placing more business because they sense that prices may fall further during the first quarter as material is readily available from third country sources at highly competitive prices.
The full report including details on China and Japan, can be found by following the link below