Hello Martin. So glad to know I'm not alone! I bought our 2010 Panda Dynamic Eco 1.2 with 62,000 miles on the clock and full service history earlier this year. For a number of reasons we only really started to use her much about 6 weeks, or so, ago. Your description of the steering is pretty much how I would describe ours and I posted about it on the forum a number of weeks ago but got no interest. I have conducted a very thorough examination of the steering and associated components and can find no faults or worn parts. (I'm a retired mechanic but worked mostly on Rover group products in the days they were BMC!) Interestingly I've found that, with the car stationary, even very small movements at the steering wheel rim result in movement at the roadwheel. Which tends to confirm no wear is present. driving around town the effect is not too noticeable. (Mrs Jock doesn't know what I'm moaning about) but out on the open road or on motorway/dual carriageway, as you say, the steering fails to self centre over about the central 5° or so of steering wheel movement. So, as you say, you are continually, and very tiresomely, applying very small correcting movements to the steering wheel. This is not at all like the normal corrective movements I've found necessary on other vehicles. I've only driven a few vehicles that felt like this and most had either partially siezed king pins/ball joints/trunnions or steering racks. There are two I know of where it's a feature of the vehicle. My younger boy's wife runs a 2008 Honda Jazz idsi - the MK 1 version. It's steering behaves exactly the same (and it's electric) only worse in degree of "wander". I spoke to both our Honda independents up here in Edinburgh and got the same answer - it's normal for that model! Apparently it's a big problem on that model with no known effective cure! Although many have replaced the rack at great expense! The other vehicle was one of the old 1200 Lada's. Again a design problem which was never really sorted out as far as I know.
Shortly after buying it I bought
Multiecuscan from Gendan (very helpful people) and, after a wee bit of trouble configuring the interface, ran a whole vehicle scan. The only DTC that came up was one for the torque sensor on the steering. I wiped it and it hasn't come back. I do wonder if that may be a bit of a clue? Although other forum posts seem to indicate that DTC's associated with the power steering can be set when the battery or connections are suspect. Carefully checked mine and all seems good although I suspect the battery to be the original.
So. I don't seem to have anything wrong or worn yet this slightly strange effect is still evident and annoying me. - just asked Mrs J and she says she notices nothing and is very happy driving the car! Keeping my eyes open for the chance to drive a similar Panda for comparison.