Buyers hold upper hand in negotiations in Greek flat steel market

Demand has not registered any improvements in the Greek flat steel market, while prices have remained stable since last week. Meanwhile, it has been observed that buyers are shaping transaction levels as they have the upper hand in price negotiations, while recently some order cancellations have started to be heard. Sellers, on the one hand, are struggling with low profit margins, while on the other hand they are trying to cope with increased inventories due to cancellation of orders.
 
In the above context, in the Greek domestic market hot rolled coil (HRC) list prices are still at $570/mt CIF, while list prices for hot dip galvanized (HDG) are standing at $780/mt CIF. In addition, discounts of up to $30/mt are also available for real buyers.