EU STEEL PRICES RECOVER SLIGHTLY IN FEBRUARY FOR MOST PRODUCT FORMS - MEPS

EU steel prices seem to have at least stabilized for now... report at MEPS, UK.

European flat product suppliers claim that they have good order books, as the weakened euro gives them an advantage when selling in US dollar denominated export markets. This should contribute to an increase in their bargaining position during negotiations with domestic customers. 

However, buyers have remarked that for first quarter business, steelmakers did not push very hard to implement their proposed €30/40 per tonne increase. Indeed, we have noted only small changes from the December price level. 

It is believed that the mills will try to enforce the hike when second trimester orders are discussed. Although material from the Far East is not so attractive at present, the massive devaluation of the rouble has led to aggressive selling by Russian suppliers. 

In Germany, buyers report that they have placed most of their first quarter orders at the same price as in the final trimester of 2014.

Not indicative of a bottom here yet, but stabilization.  Supportive of the current forex environment of the EUR holding around the $1.15 level.