Demand still weak in Portuguese flat steel market

Demand in the Portuguese flat steel market has remained at low levels during the past week. There are still strong expectations of a decline in flat steel prices, while low-priced import offers to Portugal have had a negative impact on local producers' sales. Additionally, buyers have continued to exert pressure on local flat steel prices. Over the past month, hot rolled sheet (HRS) prices in the local Portuguese market have declined by €5/mt ($6/mt) to €380-390/mt ($426-437/mt) delivered, excluding 23 percent VAT, and for February deliveries. Meanwhile, hot dip galvanized (HDG) coil prices in the local Portuguese market have also decreased by €5/mt ($6/mt) in the same period to €400/mt ($448/mt) ex-works, excluding 23 percent VAT. 
 
On the other hand, Spanish HRC offers to Portugal have fallen by €5/mt ($6/mt) during the past month to €305/mt ($342/mt) CIF, for March delivery.                      
 
€1 = $1.12