Brazilian CRC export offers are being heard in the market at $595-600/mt FOB Brazilian port. This price reflects a decline of $5/mt from the bottom of the range and a decline of $10/mt from the top of the previous week’s range of $600-610/mt FOB Brazilian port.
A source noted, “Brazil is back to prices prevalent at the end of March. Efforts to increase prices failed given the increased competition from Asian imports into destination markets.” A separate source noted that the recent rapid price reductions by Chinese traders in the export market have added confusion to the Brazilian market and traders are presently seeking an appropriate price equilibrium.