On October 16, SteelOrbis reported flat steel offers to Chile at $585-595/mt CFR for HRC, $630-635/mt CFR for CRC, and $685-695/mt CFR for HDG.
Sources inform SteelOrbis that flat steel offer prices have encountered volatility as the Chinese futures and spot markets fluctuated along with buyer resistance on market uncertainty.
According to sources, the latest ex-China flat steel offers to Chile are reportedly at $580-590/mt CFR for HRC, $630-640/mt CFR for CRC, and $685-695/mt CFR for HDG. These ranges represent a decline of $5/mt on HRC, a $5/mt range increase on the top of the previous CRC range, and a stable offer range week-on-week on HDG.
A source noted that as the Chinese market appears to be showing resilience, interest in imported CRC and HDG is increasing in the South American region. Additionally, unlike the summer when prices in Brazil could be heard higher by a spread of $20-30/mt, and at times even more, compared to offers in Chile, a source stated, “I am hearing that flat steel offers from China in most South American countries, including Brazil, are trending at about the same general range.”