Flat steel import prices fall again in South America

Weaker demand combined with lower offers from all origins, spearheaded by recent Chinese price falls, put further downward pressure on South American flat-rolled steel import prices in the week ended Friday November 19.

Despite offers from China continuing to drop - in what was widely considered by market participants to be short-selling from traders - buyers remained hesitant about booking new cargoes for January shipment on fears that the Asian country would impose an export duty on steel products.
"A few buyers in Chile were also cautious about placing requirements and orders because of uncertainties related to the [country's] presidential election on November 21," a mill source told Fastmarkets.
Lower offers were also a result of falling maritime freight rates, market participants said. There were reports of freight rates from China to South America falling by $20-30 per tonne in some cases over the past month.

Brazilian and even Mexican mills joined in as the market dropped, lowering their offers - but with Japan pushing for higher prices. In the...

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