Brazilian slab exporters remain negotiating deals at $490/mt, FOB conditions for basic commercial grades, stable from last week.
This reference price decreased from $505/mt in late February, now the first week of stability since then.
As the US responds for a majority stake of the Brazilian slabs exports, the 25 percent import tariff for steel products imposed by the US plays a major role in the determination of prices, now affecting even sales to other countries.
In total, the Brazilian slabs exports to the US have increased in volume by 54 percent from February to March.
A source from an exporter mentioned that $490/mt seems to be the “new normal”, as such price already includes a discount related to the 25 percent tariff, as the reference price was in average $535/mt between August 5, 2024, and March 1, 2025.
Geraldo Alckmin, Brazilian Vice President, reportedly maintains optimism in relation to the ongoing negotiations with US authorities, in the hope that at least semifinished steel products such as slabs could be exempted from the 25 percent tariff.
In March, Brazil exported 661,600 mt of slabs against 382,800 mt in February.
In the given month, Ternium shipped 189,900 mt of slabs at $576/mt to the US and 30,000 mt at $499/mt to Argentina, ArcelorMittal Tubarão 169,000 mt at $517/mt to the US, ArcelorMittal Pecem 140,400 mt at $626/mt to the US, 26,100 mt at $570/mt to the UK, and 18,200 mt at $571/mt to Mexico, while Gerdau shipped 88,000 mt at $519/mt to the US, all FOB conditions.