Latest situation in Portuguese flat steel market

Demand in the Portuguese flat steel market is currently at medium levels, while attractive import flat steel offers are negatively impacting Portuguese producers' sales and are still putting downward pressure on domestic flat steel prices. Moreover, local flat steel sellers are trying to reduce their relatively high stock levels, but demand is expected to decline in the coming period. Currently, hot rolled sheet (HRS) prices in the local Portuguese market are at €440-450/mt ($471-482/mt) ex-warehouse, excluding 23 percent VAT, and for November deliveries. Meanwhile, hot dip galvanized (HDG) coil prices in the local Portuguese market are at €440/mt ($471/mt) ex-works, excluding 23 percent VAT. 
 
On the other hand, Spanish HRC offers to Portugal are currently at €305/mt ($326/mt) CIF for December delivery, while Italian electro-galvanized coil (EG coil) offers to the same destination are in the range of €520-530/mt ($556-567/mt) CIF for January delivery.                      
 
€1 = $1.07