During the current month, demand in the Spanish flat steel market has decreased and is now at weak levels, mostly due to the summer holidays and overhaul works on the downstream side. Also, given the decrease in import hot rolled coil (HRC) offers to Spain and the weakening of the euro to 1.1 against the US dollar, Spanish traders are offering discounts on their prices in order to prevent any weakening of the current limited demand in the domestic market.
Meanwhile, hot rolled coil (HRC) prices in the local Spanish market have decreased by €10/mt ($11/mt) to €390-400/mt ($429-440/mt) ex-warehouse over the past month, excluding 21 percent VAT and for July deliveries. Meanwhile, import HRC offers in Spain have decreased by €15/mt ($17/mt) month on month to €370-380/mt ($407-418/mt) CIF, for September shipments.
€1 = $1.11