Brazilian slab export prices remained stable as buyers and sellers held their ground in negotiations for August-shipment batches amid high flat steel prices and raw material costs.
Fastmarkets assessed the price for steel slab export, fob main port Brazil unchanged for the second consecutive week at $980-1,000 per tonne on Friday June 18.
Sellers were holding offers at $1,000 per tonne fob to the United States, as a series of price increases in flat steel products led them to believe re-rollers have sufficient margins to afford that price.
Fastmarkets’ daily steel hot-rolled coil index, fob mill US was calculated at $84.22 per cwt ($1,684.40 per ton) on Thursday June 17, down by 1.20% from a record high at $85.24 per cwt on Tuesday June 15 but up by 0.53% from $83.78 per cwt a week earlier on June 10.
But buyers remained hesitant, especially as global flat steel prices became unstable with diverging price moves in China. Prices of hot-rolled coil in China increased in the domestic market on Friday, but fell in the export market because overseas buyers were cautious about the possible imposition of export taxes.
Brazilian slab material was reportedly available at $980 per tonne fob to other destinations, but clients have not shown interest in such offers.
Raw materials prices also have remained high, which helped support increased slab offers.
Fastmarkets’ daily index for iron ore 62% Fe fines, cfr Qingdao was $218.90 per tonne on Friday, down by $1.92 per tonne from $220.82 per tonne on Thursday.
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