Brazilian producers remain negotiating HRC exports in a reference price of $450/mt, stable since a $100/mt decline five weeks ago, attributed to indirect effects of the Covid-19 pandemic. The price refers to FOB conditions for the basic commercial grades.
Sources mentioned that the Brazilian producers are not considering the possibility of further reducing HRC prices for export, as margins have already been squeezed, deciding instead to reduce production to achieve a more favorable supply/demand balance.
Preliminary indications are pointing to a sharp reduction, in April, from the 179,300 mt of HRC exported from Brazil in March.