Portugal & Spain

The overall market in Portugal and Spain is slow because of the summer season. Also, many dealers sold out their inventory when LME copper was higher and now fewer sales are taking place. Chinese demand for copper and brass remains slow but is better for the former than the latter. Demand is also decreasing for secondary aluminium, with lower numbers starting to emerge on aluminium ingots as well as secondary raw materials.  

Portugal’s economy is projected to grow by 2% in 2024 while inflation is expected to fall by 0.5%. The government has approved a package to support business and boost the economy by decreasing IRC tax to 19% from 2025. The aim is to attract new investment from abroad, create a better environment for talented professionals and boost exports. In addition, the tourism sector has achieved credit lines to: implement Environmental, Social and Corporate Governance principles; support projects of a public or private nature; and promote digitization in the tourist sector to launch international campaigns to encourage visitors to Portuguese destinations.

When compared to the first quarter of 2024, Spain’s economy grew by 0.3% in the second quarter as a result of increased household spending, strong imports and the start of the high tourist season. It is expected to continue growing, overtaking most European economies,  so that GDP increases by 2.4% for the whole of 2024. The post-pandemic flourishing of the tourist sector is just one factor; the manufacturing industry and industrial production have also continued to expand. However, Spain is still struggling with a high unemployment rate which has even exceeded the expected 11.8%.