The Spanish and Portuguese hot rolled coil market is holding steady despite weak domestic demand and global trade uncertainties tied to US tariffs.
While large mills remain cautious, assessing how international trade policies will play out, local availability of HRC suggests that price increases might be more speculation than reality, at least for now, according to Kallanish sources.
“The reality is that here in Spain, HRC is available. Speculation about a potential price increase for April is more of a market rumour. What is clear is the persistent weakness in domestic demand, meaning customers will struggle to absorb higher prices,” one trader explains.
Another market participant confirms that local producers are not actively exporting and have not significantly increased their offers in recent weeks. He suggests that while prices are likely to remain steady in the short term, an increase could materialise towards the end of March.
“Service centres initially expected international prices to rise quickly due to the US tariffs, but this has not yet happened,” he notes. “Import activity has been quiet in recent weeks, as the European market awaits the announcement of European Commission safeguard measures. As a result, local mills are holding back on price increases for new orders.”
Spanish mills are currently quoting S235JR grade HRC at around €670-680/t ($728-738) delivered.
Todor Kirkov Bulgaria
