Over three weeks, distributors in Sao Paulo remain negotiating HRC for the domestic supply at BRL 4,250/mt ($1,310/mt), ex-works, full taxes except IPI, having the 1008/1012 grades, 6.3mm thickness product as reference.
There are indications that sales by steel producers to distributors have seen declining prices over the last two weeks, possibly reflecting protective measures adopted by the EU in relation to Brazilian HRC exports.
Such measures could divert HRC from the export market to the Brazilian domestic market, chiefly by the local producer CSN.
The last indication of a HRC price from producer to distributor is estimated at BRL 2,425/mt ($747/mt), ex-works, no taxes included, only PIS-Cofins, pointing to a 2 percent decline over two weeks.
USD = BRL 3.25 (November 9)