Demand in the Portuguese flat steel market is still pretty weak, while prices have continued to weaken, also with the impact of the declining trend in the global markets. Market players, who are cautious amid the current market conditions, state that, while inventory levels are not that high in the market, buyers are not willing to make purchases due to low demand. Market players also indicate that prices could soften further. As compared to last month, local hot rolled steel prices have declined by €10/mt ($13/mt), while import hot rolled coil (HRC) offers have weakened by €25-40/mt ($32-52/mt).
Currently, hot rolled sheet (HRS) prices in the Portuguese domestic market are standing at €560-570/mt ($722-735/mt), while HRC prices are at €510-515/mt ($658-664/mt), both ex-warehouse and for May deliveries. In the meantime, Spanish HRC base offers to Portugal stand at €460-475/mt ($593-613/mt) CFR for June shipments.
On the other hand, Portuguese hot dip galvanized (HDG) coil producer Lusosider has reduced its prices by €20/mt ($26/mt) this month to €550/mt ($710/mt) ex-works, for June deliveries.
€1 = $1.29
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