Brazilian sellers have ramped up containerized exports of steel scrap into South Asian markets over the past year but this explosion in export sales is unlikely to be a long-term trend, sources have told Fastmarkets.
Scrap collectors and processors in the country have traditionally sold the vast majority of their stocks in the domestic market, with only the excess being exported. But waning Brazilian demand and decreasing domestic prices since the second half of 2019 have led them to seek buyers further afield.Containerized scrap from the country has been offered at very competitive prices to both Bangladesh and India since the start of the year, often enticing mills to opt for Brazilian material over competitors...