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European Highlights

机译:欧洲亮点

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Order levels did not come back as expected in September afterthe quiet summer. One reason is that macro-economic concerns were foremost in consumers' minds as stock markets drop and the Eurozone appears no closerto resolving sovereign debt issues. Another is that falling nickel prices (as producers cut output and financial investors exit industrial metals) means that surcharges will continue their steady decline and distributors are continuing to run down inventory. Yet producers have, in the main, managed to hold base prices steady as they only discount at the margin (a few euros off the base price or negotiations on extras) and continue to try and reduce output to match order levels. The weakening euro this month has also helped reduce the attractiveness of imports and improved their competitive position in certain export markets as well. We expect mills will again be able to hold base prices flat through October. With physical inventories fairly low and real demand flat to slightly stronger, an upturn in the nickel price would lead to buyers retumingto the market and re-startingthe upward cycle. However, we do not necessarily expect this to happen until fears of a Eurozone collapse have dissipated alongside concerns over a double-dip recession.
机译:夏季过后,9月份的订单水平未达预期。原因之一是,随着股市下跌以及欧元区似乎离解决主权债务问题越来越近,消费者最关心的是宏观经济问题。另一个是镍价下跌(由于生产商削减产量和金融投资者退出工业金属),意味着附加费将继续稳定下降,而分销商的库存却继续减少。然而,生产商基本上已设法使基本价格保持稳定,因为他们仅在边际折扣(比基本价格低几欧元或就附加条款进行谈判),并继续尝试降低产量以匹配订单水平。本月欧元疲软还帮助降低了进口的吸引力,也提高了它们在某些出口市场上的竞争地位。我们预计钢厂到10月份仍将能够保持基本价格不变。由于实物库存相当低,而实际需求持平或略有增加,镍价的上涨将导致买主退回到市场并重新开始上升周期。但是,我们不必期望这种情况会发生,直到人们对欧元区崩溃的担忧随着对双底衰退的担忧消散而消除。

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