Brazilian flat steel imports in July up 70 percent on June levels

According to the Brazilian Ministry of Development, Industry and Commerce, in July this year Brazil imported 227,000 mt of flat steel products, including plate, cold rolled coil (CRC), hot rolled coil (HRC) and galvanized sheet, rising by 70 percent from 132,000 mt in June.
 
According to market insiders, the imports in question were mostly ordered in March this year when the market was active and anticipated stronger demand.
 
On the other hand, steel inventory in Brazil is now still at high levels, though lower than previous levels. In July, Brazilian flat steel inventory stood at 1.18 million mt, down 37,200 mt month on month, based on the statistics issued by the Brazilian Steel Institute (IBS). In order to allow digestion of high inventories, traders are not interested in booking from mills for the time being.