In early May, slab deals heard from Brazil to the US and other destinations ranged at $415-420/mt FOB Brazil. By mid-May, deal prices to the US declined to $405-410/mt FOB Brazil.
According to sources, mills have now decreased slab offers to $380-390/mt FOB Brazil. Compared to offer prices reported by SteelOrbis on May 31 of $390-395/mt FOB Brazil port, offers have declined $10/mt from the bottom of the range and $5/mt from the top of the same range.
A source noted that the most recent deals have been heard at $410/mt CFR or $375-380/mt FOB Brazil port to Southern European destinations including Italy. The most recent deals to the US were reportedly at $380-385/mt FOB Brazil in late May, but given the recent deals to the EU, a source noted he expects early June transactions to the US to place pressure on prices that could achieve $370-375/mt FOB Brazil port.