Steel import price recovery persists in South America on stronger demand, currency
Prices for flat-rolled steel imported into South America continued to recover during the week to Friday June 12 as more increases were issued - mainly by Chinese and Japanese mills - for August-shipment cargoes.
Buyer interest was still lower than usual despite countries such as Peru gradually reopening from lockdowns imposed to prevent the spread of Covid-19. At the same time, a more favorable currency exchange in Brazil awakened some interest in imports in the country.
“We received inquiries from clients for August shipment sooner than we observed for July shipment,” one mill source said. “But volumes have not fully recovered yet.”
Coupled with higher demand, the focus on domestic markets seen from Chinese mills was supporting higher prices across all regions, the source added.
“There were certainly more consultations this week than what we had seen since the beginning of the pandemic,” a Brazil-based trader source said. “Prices seem too high for [the clients].
source: Metal bulletin
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