Brazilian HRC export prices for basic commercial grades are being negotiated at a reference price of $750/metric ton (mt), compared with $730/mt reported two weeks earlier, FOB conditions, flat steel market insiders told SteelOrbis.
In the Brazilian domestic market, HRC of the basic commercial grades is sold by producers, in medium to large volumes, at BRL 4,734/mt ($900/mt), ex works, full taxes except industrial product tax IPI, against BRL 4,560/mt ($867/mt) two weeks earlier.
In February, Brazil exported 29,600 mt and imported 71,300 mt of HRC, against respectively 94,300 mt and 34,700 mt in January.
The decline in exports reflects shipments to South American countries that are down by 81 percent. The exports were destined to the US (15,800 mt at $518/mt) and South American countries (13,800 mt at $505/mt), FOB conditions, shipped by ArcelorMittal (28,200 mt), Gerdau (1,000 mt) and Usiminas (400 mt).
Since certain exports are directed to affiliated companies within the same group, it is possible that pricing was established at levels not reflective of prevailing market conditions.
The imports came from South Korea (51,600 mt at $517/mt), China (18,900 mt at $484/mt) and Egypt (800 mt at $606/mt), also FOB conditions.
USD = BRL 5.26 (March 24)
