Flat steel prices in Portugal fail to indicate anticipated softening

SteelOrbis has learned that demand has remained weak in the Portuguese flat steel market. Even though last week the general expectation in the market was for prices to indicate a softening this week, local mills have not yet announced their prices for July production. Therefore, market players are now expecting to see a price softening next week, in the range of €15-20/mt ($19-25/mt). While flat steel quotations have remained unchanged as compared to last week in Portugal, buyers are adopting a wait-and-see stance for now.
  
Accordingly, in the Portuguese flat steel market prices of hot rolled sheet (HRS) are currently standing at €590-600/mt ($749-762/mt) ex-warehouse, while June production hot rolled coil (HRC) prices are at the base price level of €530-535/mt ($673-679/mt) and ex-Italy June production HRC offers are at €530-540/mt ($673-686/mt) base price level.
 
In the meantime, Portuguese producer Lusosider's domestic offers for hot dip galvanized (HDG) coil are at the level of €610-620/mt ($775-787/mt) base level.
 
€1 = $1.27