Brazil imported 5,200 mt of CRC in March, an 8.2 percent increase from February, at an average FOB price 11 percent lower, $487/mt, said the local ministry of development, industry and foreign trade, MDIC.
The tonnage was almost entirely shipped from Asia, in a wide variety of prices: 3.300 mt from China at $370/mt, 1,600 mt from South Korea at $675/mt, and 200 mt from Taiwan at $594/mt, all FOB conditions.
Meanwhile, Brazil exported in March 50,000 mt of CRC, a 120 percent increase from February, reflecting exports by Usiminas increasing by 64 percent to 36,000 mt at $392/mt, exports by ArcelorMittal reaching 10,000 mt at $399/mt against 500 mt at $452/mt in February, and exports by CSN of 3,900 mt at $460/mt, against a non-relevant volume in February, all FOB conditions.
Low volumes of CRC imported and higher exports of the product reflect a combination of factors, including the lackluster demand from the local industry, generating surplus to export, and the devaluation of the Brazilian Real vis-à-vis the American Dollar, reducing the purchasing power of the local importers and increasing the profitability of exports.
More recently, increased steel prices in the international market gave additional momentum to the country’s exports, while reducing further the volume of imports of CRC, which totaled on average about 26,000 mt per month in 2015.