What happened this week: At the end of the day activity did not slow down as much as expected as there were still quite a number who were open to buy in the market. Buying was selective and there was no wall of interest, but there was enough to clear the week’s production again. Buyers started the week by testing whether sellers were willing to accept bids, but realised that their preferred sources were reasonably well sold and were not willing to take any further offers below their asking levels. So, some decided to step out and others preferred to have their orders covered and were willing to spend a little more than expected. In the end, most of the regular buyers couldn’t complain as they must have got a fair average price over last season and have also a secured supply from their regular suppliers. For the others, gambling against the market trend of the past few months must have been an expensive adventure. This may not only be true regarding the price, but also with regards to the raw materials that they had to settle for in order to cover themselves.

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