When will demand see a recovery in UK flat steel market?

Market sources state that flat steel prices in the UK have softened by £5/mt ($8/mt) over the past week, while demand has remained on the weak side. Demand in the UK flat steel market is expected to record a recovery in 2014, though market players do not expect any improvement in January.
 
Hot rolled coil (HRC) prices in the local UK market can be found at £410-420/mt ($672-689/mt) ex-works for February production and excluding VAT, while local hot rolled sheet (HRS) offers for prompt shipments are at £440-450/mt ($722-738/mt) ex-warehouse, excluding VAT.
 
Meanwhile, HRC offers from other regions of Europe to the UK stand at £410-415/mt ($672-681/mt) + VAT CIF for February-March shipments. In addition, Chinese origin HRC offers to the UK are at £405-410/mt ($664-672/mt) CIF for April-May shipments, while Indian origin HRC offers stand at £405-410/mt ($664-672/mt) CIF for March-April deliveries and Russian HRC offers to the UK are at £400/mt ($656/mt) CIF for March deliveries. The offers in question do not include VAT.
 
£1 = $1.64