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European Highlights

机译：欧洲亮点

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A half-year of economic stagnation appears to be the best that can be hoped for in the EU. Steelmakers may feel some relief that the euro is down from last year's high values against the dollar; this gives both their customers and their own sales departments hope for a recovery in export profits, and for the possibility that their markets will be less attractive to import. They cannot expect the new fiscal stimuli to generate a recovery in demand until late in the year. Demand will be weak. Customers will be deterred from re-stocking, but they will have to return to the market to cover needs. Hence prices will depend on the extent to which output cuts and a low level of imports hold down supply to match demand. Offers from China look likely to remain unattractively priced in the near future, but exporters in other Asian countries can be expected to win some orders, while the end of the Russian boom will lead to keenly priced offers from the CIS.
机译：半年的经济停滞似乎是欧盟所希望的最好的一年。钢铁制造商可能会感到欣慰，因为欧元兑美元汇率已从去年的高位回落。这给他们的客户和他们自己的销售部门都希望获得出口利润的恢复，以及他们的市场对进口的吸引力降低的希望。他们不能期望新的财政刺激措施能在年底之前使需求恢复。需求将疲软。客户将无法再进货，但他们必须返回市场以满足需求。因此，价格将取决于减产和低水平进口抑制供应以满足需求的程度。在不久的将来，来自中国的报价似乎仍会保持低价，但其他亚洲国家的出口商有望赢得一些订单，而俄罗斯热潮的结束将导致独联体报价高昂。

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