Demand in the Portuguese flat steel market, which was expected to pick up with the arrival of the New Year, has failed to register an improvement. Market sources indicate that demand remains as weak as it was during December, during which there was a significant number of non-working days, and this situation has negatively impacted market sentiment. Local hot rolled sheet (HRS) prices in the country have decreased by €15-20/mt ($20-27/mt) over the past month amid weak demand. Meanwhile, supported by the upward trend in European markets, Portuguese hot dip galvanized (HDG) coil producer Lusosider has increased its prices by €5/mt ($7/mt) to €535/mt ($728/mt) +VAT ex-works, for February deliveries. In the meantime, import flat steel offers to Portugal have indicated an increase of €20-25/mt ($27-34/mt) as compared to last month, though the new levels have not gained acceptance yet from local buyers.
Currently, HRS prices in the Portuguese domestic market are standing at €520-525/mt ($707-714/mt) ex-warehouse for prompt deliveries. In the meantime, Spanish HRC offers to Portugal stand at €470/mt ($639/mt) CIF, while Spanish HDG offers to the same destination are at €550/mt ($748/mt) CIF base level - for shipments in March. In addition, Italian HRC offers can be found at €470/mt ($621/mt) CIF for March shipments. The offers are excluding VAT.
€1 = $1.36
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