According to sources, since early September export offer prices for Brazilian slab have been increasing. Offers early in the month to the US were at approximately $470-480/mt FOB Brazilian port and have since increased to $490-500/mt FOB in the week-ended September 8, and to $500-505/mt FOB by September 15. Current offers are now reportedly at $500-510/mt FOB Brazilian port. This range has widened the upper side of last week’s range by $5/mt.
The increase is attributed to the upward global movements in flat steel prices, limited slab availability, and increased competing slab offers in the market. A source noted a belief that offer prices will “most likely remain stable as slight steel market corrections are underway, although, a deep correction is not expected soon.”