According to sources, the reference price for the exports of slabs from Brazil is $530/mt, FOB conditions, for the basic commercial grades, which is the reference for deals related to shipments in November.
At least one deal was effectively closed at this price level.
The new price compares to $520/mt, stable over the last two weeks.
Slabs producers had previously commented that $520/mt was not sustainable for being too close to their production costs, negatively impacting their margins, despite the recent reduction of iron ore prices.
In July, Brazil exported 954,600 mt of slabs, while importing 185,400 mt of the product.
For August, both export and import volumes are expected to decline from July.