Demand in the Portuguese flat steel market is still weak this month. Market players state that the main reason for the sluggishness of demand is the seasonal summer slowdown of market activity. Also, the decreases in Chinese hot rolled coil (HRC) offers to Portugal has caused other HRC offers to the country to soften, accelerating the downtrend of price levels in the domestic market. Over the past month, hot rolled sheet (HRS) prices in the local Portuguese market have decreased by €10/mt ($11/mt) to €470-480/mt ($512-523/mt) delivered to customer, excluding 23 percent VAT, and for July deliveries. Meanwhile, hot dip galvanized (HDG) coil prices in the local Portuguese market have remained unchanged at €480/mt ($523/mt) ex-works, excluding 23 percent VAT, and for September production.
On the other hand, Spanish hot rolled coil (HRC) offers to Portugal have decreased by €10/mt ($11/mt) month on month to the range of €395-400/mt ($430-436/mt) CIF, for September production.
€1 = $1.09