On January 30, SteelOrbis reported US slab import offers at $415-430/mt FOB Brazilian port. Over the course of the following two weeks, Brazilian firms reportedly felt competing pressure as CIS region slab offers were heard in the marketplace at $400-410/mt FOB to some of the same target markets, especially the EU. Offer prices remained stable on limited activity.
By the end of the week ended February 10, much confidence had returned to the market with the return of China to active steel trading and an increase in Turkish scrap import prices from not only the US but also the Baltics and EU.
For the week ended February 10, export slab offers from Brazilian producers were heard at prices $420-430/mt FOB Brazilian port, but as scrap prices in the US have increased, import offer prices for slab have followed suit. With optimism in the US heading into March as a result of both stronger than expected scrap prices and increased capacity utilization at mills in spring, Brazilian slab offers to North America are being reported on Feb 13 at $425-435/mt FOB Brazilian port to Mexico and $435-440/mt FOB Brazilian port to the US. Compared to two weeks ago, US import offers have increased $20/mt on the bottom of the range and $10/mt on the top of the range.