Brazilian imports of CRC totaled 33,200 mt in August, a 63 percent reduction from July, according to the country’s ministry of development, industry and foreign trade MDIC.
The downturn reflects chiefly imports from Asia reduced by 60 percent to 27,600 mt, of which 24,300 mt from China, also a 60 percent reduction, and imports from Russia reduced by 75 percent to 5,000 mt.
The average FOB export price went up by 5.0 percent to $674/mt, of which $670/mt for products with thickness above 0.5mm and $726/mt for the less than 0.5mm thickness product.
A major steel importer and distributor in Sao Paulo told SteelOrbis that its last import of CRC was closed at $640/mt, CFR conditions in a Sao Paulo port, for the product of the base commercial grades and thickness above 0.5mm, comparable to $650/mt one month ago.
He added that in spite of the excess capacity of CRC production in Brazil, his company will maintain imports of CRC at least over the next few months, given the wide difference between international prices and Brazilian domestic prices.
According to sources, CRC of the base commercial grades are sold in the Brazilian domestic market at BRL1,900/mt to BRL2,000mt ($799/mt to $841/mt), FOB ex-taxes but including PIS-Cofins, stable in BRL terms in one month.