European demand is really weak for paper and plastic grades at the moment, but the rest of the world is quiet too.
For plastics, Europe remains the key market with little going to Asia these days, but the demand just isn’t there.
While there is still export to India and South East Asia for paper and cardboard grades, even these markets are subdued.
As we head towards July and August and summer holidays, people are now wondering whether the autumn will bring a better market.
Like last week, the pound was down a cent to $1.26. Again list last week, it was unchanged against the euro at €1.16.
European demand for all grades remains weak and many have low order volumes for July at low prices.
Film grades dropped by £25 per tonne this week due to this worsening European demand and falls in prices on the Continent.
Bottle grades remained static but PET demand in particular continues to struggle above a trickle of orders, and where there are companies buying, prices remain low.
The PRN/PERN gained a couple of quid, but this wasn’t enough to make a difference.
The European market is effectively asleep at the moment with very few mills buying and fears are growing that they might not buy until the autumn.
But the deep sea market isn’t much better, and while there is stronger demand than Europe, it is still weak.
The general economic situation across the globe isn’t helping and mills are finding customers are not buying finished goods. But equally, there isn’t much material available.
At the moment, the market seems stuck in a cycle of low demand and low arisings.
Copper dropped by £200 per tonne this week, while aluminium and brass were down by £50 per tonne.
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