According to sources, the reference price for the export of slabs from Brazil is now $555/mt, against $550/mt last week, FOB conditions for the basic commercial grades, for shipments in September.
Sources have commented that such small increase reflects exporters reluctant to close fresh deals at $550/mt, as such price was threatening their margins, considering that the price of steel raw materials did not follow the same downward trend seen over the last weeks.
At least one such deal was effectively closed at $555/mt.
In June Brazil exported 413,400 mt of slabs, in average at $660/mt, and imported 76,700 mt of the product at $469/mt, both FOB conditions.
Preliminary numbers are pointing to a far higher volume of slabs being exported in July, while so far in the month only one cargo of the product was imported, 35,000 mt at $516/mt, FOB conditions.