On May 16, SteelOrbis reported slab deals from Brazil to the US trading at $405-410/mt FOB Brazil with offers in approximately the same range.
According to sources, ex-Brazil slab offers to US buyers the week ending May 19 were heard at $390-395/mt FOB Brazil. This week, offers are being heard in a wider range at $385-395/mt FOB Brazil. This latest range reflects a decline of $20/mt from the bottom of the mid-May range and $15/mt from the top of the same range.
The drop in prices is attributed to global market uncertainty, a decrease in global raw material prices, and Brazil’s recent political challenges; an ongoing corruption probe against Brazilian President Michel Temer has had negative effects on the country’s markets and currency.