After attaining a distant peak in February 2011 the gradient has been descendant. Silhouetted against a dark horizon the European debt crisis has not shown even a streak of hope.

Regardless of abysmal buying in H2 and low inventory levels the buying has remained low key in all the countries owing to severe credit crunch and air of circumspection.

Read more: EU to provide plan to revive European steel

Greek bailout package holding a tight noose over the global economic fortitude there was absolute mayhem. As credit chaos became contagious glimmer of turnaround extinguished when even the bold faces of Germany and France was smeared.

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Typically, pre summer vacation is a period of hyped buying. However, given the undying credit crunch and suppressed sentiments in China and CIS has led to emergence of cheaper imports. However, mills have been luckily insulated owing to poor demand the buyers have shown proclivity for domestic sources with shorter delivery time. A weakening Euro has done the sealing to make it watertight.

Global steel price on the wane over the last fortnight does not give any reason for the buying to brace.