Flat steel prices in Portugal fail to indicate anticipated softening

Friday, 18 May 2012 16:54:21 (GMT+3)   |  
       

SteelOrbis has learned that demand has remained weak in the Portuguese flat steel market. Even though last week the general expectation in the market was for prices to indicate a softening this week, local mills have not yet announced their prices for July production. Therefore, market players are now expecting to see a price softening next week, in the range of €15-20/mt ($19-25/mt). While flat steel quotations have remained unchanged as compared to last week in Portugal, buyers are adopting a wait-and-see stance for now.
  
Accordingly, in the Portuguese flat steel market prices of hot rolled sheet (HRS) are currently standing at €590-600/mt ($749-762/mt) ex-warehouse, while June production hot rolled coil (HRC) prices are at the base price level of €530-535/mt ($673-679/mt) and ex-Italy June production HRC offers are at €530-540/mt ($673-686/mt) base price level.
 
In the meantime, Portuguese producer Lusosider's domestic offers for hot dip galvanized (HDG) coil are at the level of €610-620/mt ($775-787/mt) base level.
 
€1 = $1.27

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