Offers to Chile were reported by SteelOribs on the week ended December 16 as follows: HRC at $520-530/mt CFR, CRC at $600-615/mt CFR, HDG at $650-675/mt CFR, and heavy plate at $485-500/mt CFR, all offers delivered to major Chilean ports.
For the week ended December 23, which was the last significant trading week of the year given the holidays, offers from China on commercial-grade flat steel selections delivered to major Chilean ports pushed up further to $540-550/mt CFR for HRC, $630-640/mt CFR for CRC, $655-685/mt CFR for HDG, and $510-525/mt CFR for heavy plate. These prices reflect an increase of $20/mt on HRC, an increase of $30/mt on the bottom of the range and $25/mt on the top of the range of CRC, an increase of $5/mt on the bottom of the range and $10/mt at the top of the range of HDG, and an increase of $25/mt on heavy plate.
Per market sources, offers moved up and corresponding deals closed on higher prices due to expectations of higher long-term prices from China despite short-term price fluctuations experienced for the last two weeks in the Chinese spot and futures markets. Additionally, a market source noted, “Offer prices for flat steel from Brazil, South Korea, and Japan have also increased, therefore, at least for the moment, it is difficult to foresee prices retreating, though, some clients have withdrawn from the market and are waiting for stronger indicators in January.”