In the local Portuguese flat steel market, where demand has continued to remain extremely weak, as higher prices announced two weeks ago failed to gain acceptance, mills and traders have had to reduce their offers to the previous levels. With increased costs on the raw materials side, Portuguese market players had tried to raise their offers in line with the global upward price movement, but their efforts to impose higher prices on the market have proved unsuccessful.
Domestic production flat steel prices in Portugal have softened by €5-10/mt ($7-13/mt) over the past two weeks, while import prices have fallen by €5/mt ($7/mt). In addition, local producer Lusosider's hot dip galvanized (HDG) coil offers have decreased by €10/mt ($13/mt) as compared to two weeks ago to the base price level of €580/mt ($760/mt) ex-works, for March and April deliveries.
At present, prices of hot rolled coil (HRC) in Portugal are at €530-535/mt ($694-701/mt) ex-works, while hot rolled sheet (HRS) is being offered at €580-590/mt ($760-773/mt) ex-warehouse, both are for shipments in March. In addition, ex-Spain HRC offers to the country are currently at the base price level of €505/mt ($662/mt) CFR for shipments in April-May.
€1 = $1.31