Amid weak demand in the Portuguese flat steel market, local prices have declined by €10-15/mt ($13-20/mt) over the past month, while import offers have continued to move up. Accordingly, Spanish offers to the country have increased by €30/mt ($40/mt) over the past two weeks, while ex-Italy flat steel offers to the same destination have moved up by €10/mt ($13/mt) during the same period. Market sources believe that in line with the increases in import offers, demand in the Portuguese flat steel market will improve in the last quarter of the current year and local prices will likely indicate increases as of September.
Currently, hot rolled sheet (HRS) prices in the Portuguese domestic market are standing at €525-535/mt ($693-706/mt), while hot rolled coil (HRC) prices are at €480-490/mt ($634-647/mt), both ex-warehouse and for July deliveries. In the meantime, Spanish HRC base offers to Portugal stand at €455-460/mt ($601-607/mt) CFR and Italian HRC base offers can be found at €440/mt ($581/mt) CFR - both for September shipments.
On the other hand, against the backdrop of low demand in the domestic market and having failed to receive sufficient demand from the export markets, Portuguese hot dip galvanized (HDG) coil producer Lusosider has reduced its prices by €20/mt ($26/mt) this month to €515/mt ($680/mt) ex-works, for August deliveries.
€1 = $1.32
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