Europe Trend Week 28

With West European markets stabilising at low levels, deterioration continuing in Eastern Europe.

However, the overall supply is continuing to sub-side. On the one hand, French West Indies volumes have begun their seasonal fall, back to below-average levels (-6%). In addition, the African supply has been relatively small this week because of maintenance on a ship (26% below average). On the other hand, the dollar supply is continuing its seasonal fall: while Colombian volumes remain at near-average levels, Ecuadorian and Costa Rican volumes are continuing to fall, though they remain above average. However in terms of demand, while Western Europe is idling as per usual, sales have undergone another slowdown in Eastern Europe. In addition, competitively priced volumes from West-ern Europe are continuing to disrupt East European markets. Hence despite the fall in volumes, Eastern Europe is seeing ongoing pressure, and prices, al-ready low, have dropped. In Western Europe, prices remain stable albeit at low levels. In Russia, de-spite a temporary fall in volumes, prices are stabilising at very low levels.