Exports of HRC from Brazil reached 161,700 mt in September, 151 percent more than in August, according to the country’s minister of development, industry and foreign trade MDIC.
Non-traditional markets and lower prices were the key for the upswing, a major exporter told SteelOrbis, adding that in the case of HRC, such as with slabs, the tonnage available for export reflects reduced domestic demand, for its turn reflecting a lackluster domestic economy.
The average FOB export price, $541/mt, was 16.3 percent lower than in August, reflecting Usiminas Cosipa exporting in average at $595/mt, ArcelorMittal at $514/mt and CSN at $567/mt.
The source mentioned that the most recent deals for exports of HR coils were closed in the $600/mt range.
Most of the increased volume exported was destined to Asia (38,000 mt to India, 28,700 mt to Thailand and 4,300 mt to Taiwan), non-traditional destinations that accounted for no such exports in August, while 35,600 mt (up 129 percent) were shipped to the US, 29,000 mt (less 41 percent) to Latin American countries and 25,800 mt (no exports in August) to the EU.