Steel distributors in Sao Paulo are negotiating HRC for the domestic market at BRL 3,920/mt ($1,203/mt) ex-works, full taxes except IPI, having the 1008/1012 grades, 4.75mm thickness product as reference.
The price level has been stable over the last two weeks, although small oscillations were observed after a readjustment of flat steel prices established by all local producers in early January.
Brazilian imports of HRC remain at low pace, having reached 4,000 mt in January and 1,900 mt in December, far from monthly peak of 27,000 mt imported in March 2017.
In January, Brazil imported 1,500 mt of HRC from South Korea at $633/mt, 1,000 mt from Ukraine at $565/mt, 1,000 mt from India at $610/mt and 500 mt from China at $524/mt, all FOB conditions.
The last offer of HRC received by Brazilian importers from China was priced at $590/mt, FOB conditions, against $575/mt FOB two weeks ago.
USD = BRL 3.256 (February 22)