On April 27, sources informed SteelOrbis that Argentina’s domestic HRC prices were reportedly at $745-755/mt ex-works. Sources now inform SteelOrbis that prices are continuing stable into May. CRC is reportedly trending with a spread of $110-120/mt higher than HRC, thereby making CRC about $855-865/mt ex-works.
According to Focus Economics, Argentina’s economy is expected to grow at a solid 2.6 percent pace through 2018, slightly lower by 0.2 percent from their last months’ forecast due to weaker currency and high inflation weighing on private consumption growth. Additionally, the Universidad Torcuato di Tella’s (UTDT) consumer confidence index dropped 3.7 points from 43.8 points in March to 40.1 point in April; values above 50 indicate an optimistic assessment in consumer sentiment.
For 2019, Focus Economics expects Argentina’s growth to exceed this year’s forecast by reaching 3.2 percent.