Colors reflect world market price movements in the week prior to publishing. Grey is 'no change' and in case of a white block, there is no information about price movements.
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A sudden change in sentiment ahead of the Northern hemisphere holiday season
It was probably the combination of aggressive pricing by Belarus at the last ONIL tender and substantial price weakening at the early July GDT-session that changed the market sentiment. It comes at a moment that markets normally slow down towards the EU and US holiday season. For now it seems to affect prices of SMP and FCMP more than other products and in geographic terms export market pricing is affected more strongly that prices in the local markets of the EU and the US. Nevertheless, the buyside immediately shifted into a “sit-and-wait” approach so we may see the downward price momentum spill over into other markets as well. It may take some time before we can really tell wat the significance of this change in sentiment really is, because trade activity will inevitably decelerate in weeks to come. Even the next August Market Watch may come too early, but soon thereafter markets will find out if this change in sentiment is merely a temporary correction or a full blown turnaround.
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Exchange rates used in this document:
May EUR 1 = USD 1.074; Jun EUR 1 = USD 1.089; Jul EUR 1 = USD 1.080