On April 30, SteelOrbis reported Venezuelan HBI export offers at $242-245/mt FOB with rangebound expectations. Sources inform SteelOrbis that offers remain in the same level. A source stated, “US talk of sanctions against the country, higher risk assessment for their exports, and EU’s uncertain mode at moment are contributing to its HBI remaining rangebound.”
Efforts to shift prices were shortly evident with some offers heard at $250-260/mt in mid-to-late April but predominant prices continue in the lower $240’s/mt. He added that Venezuela’s construction activity has virtually disappeared in the midst of political turmoil and companies such as CSN are not operating and several companies that previously produced HBI are not producing. In 2017, Venezuela exported 1.05 million mt of HBI.