According to a source linked to a Brazilian steel producer, with the opening of a fresh quota level for January 2020 under US section 232, slab export offers to the US are now negotiated at $400/mt, CFR conditions for shipments to East coast ports.
Such price compares with a range of $370/mt to $380/mt over the last weeks, the source said, adding that shipments to Europe are traded around $380/mt to $390/mt, CFR conditions, $10/mt higher in average when compared with recent weeks.
According to sources, the demand from the US continues to drive prices while freight rates remain stable.
Preliminary indications by the Brazilian customs point to a reduction in November from the 562,700 mt of slab exported from Brazil in October.