Brazilian slab exporters are negotiating deals at $490/mt, FOB conditions for basic commercial grades, compared to $495/mt last week.
This reference price has been decreasing since late February, when it reached $505/mt, after a long period of stability between $530/mt and $540/mt since August 5, 2024.
The imposition of a 10 percent “reciprocal” tariff by the US for imports from Brazil has not affected the situation of Brazilian steel exports to the country, as this tariff will not be added to the existing 25 percent tariff on steel imports from Brazil.
Brazilian slab exporters remain hopeful that semi-finished products such as slabs and billets will be exempted from the 25 percent tariff, as steel producers in the US rely on imported slabs to sustain their rolling operations.
The Brazilian government stated that it would continue discussions with US authorities to lift both the “reciprocal” tariff and the 25 percent tariff. Additionally, the government mentioned that it is considering an appeal to the World Trade Organization (WTO) on this issue.