Brazil offering cargoes into European market
Brazilian mills are agressively looking at exports of prime, overrollings and secondary products. Possibly due to the weakness of the Brazilian economy and in order to benefit from the favourable exchange rate of the Real against the US Dollar, all major Brazilian mills have re-entered the European market with prime and excess cargoes at very competitive prices: US Dollar CIF FO 90 days level:CRC $360/mt effective HDG $440/mt effective P&O $330/mt efefctivePlate prices expected by the Brazilian mills have been too high at $290/mt base causing buyers to stay away from purchases.