US-based steel producers were heard booking slab for March shipment at $420-430/mt FOB Brazilian port for the week ended January 27, down $10/mt from $430-440/mt FOB in mid-January.
According to a source close to the market, “Given the recent downward trend of US scrap, global coking coal and Brazilian pig iron prices, US bids for slab from Brazil are declining and new deals are expected closer to $410-420/mt FOB.” Offers are being heard widening the bottom of the range by $5/mt to $415-430/mt FOB Brazilian port.