Brazil’s export prices for steel slab are down
Nov, 21, 2018 Posted by datamarnewsWeek 201847
Brazil’s export-oriented steel slab prices fell this week, in both the US and Europe. In the US market slab is down by US$5 per ton week on week to US$475 per ton last Friday, while in Europe slab offers fell to US$455 per ton FOB, compared to US$490 per ton FOB last week.
Supporting sources
Brazilian export steel slab prices down $5/mt on falling bids and offers
Date: 16/11/2018
Sao Paulo — Brazil’s export-oriented slab prices fell this week, pressured by falling finished steel prices, sources said. As a result, both bids and offers were seen at lower levels.
“The US market is on a downtrend. Deals will only be closed below $500/mt FOB,” one source said.
S&P Global Platts assessed Brazilian export slab down $5/mt week on week to $475/mt FOB Brazilian ports Friday, based on a range of $445-$505/mt FOB.
Offers to the US market were still above $500/mt, ranging from $505-$515/mt, according to a seller source. “The US is still highly stocked. There is demand but not many deals”.
US hot-rolled coil prices fell to the lowest levels seen since March as the daily S&P Global TSI US HRC assessment reached $810.5/st on Wednesday, with service centers delayed buying and focused on destocking heading into 2019.
Brazilian slab offers to Europe have also fallen, to $475/mt CFR, converted to $455/mt FOB, from around $490/mt CFR last week.
“We are expecting a fall in slab prices in the near term, but rising from December talks on,” said another seller source, who expected lower stocks volumes in the US and a spike in European prices with the possible end of the first 100 days of the EU’s temporary safeguard measures.
–Jose Guerra, [email protected]
–Edited by Dan Lalor, [email protected]
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