Persistent uptrend in China, Japan drives South American steel prices up

A persistent global uptrend and a quick shift to negotiations for March-shipment cargoes, in some cases, continued to drive import prices for flat-rolled steel in South America significantly upward during the week to Friday December 11.

A few Chinese mills took the unusual decision to change their offer prices twice in the week. Demand remained strong, but market participants started to become cautious about rushing to close deals, which they had been doing in previous weeks.
"This price trend is starting to remind me of [the global financial crisis in] 2008," one Brazil-based trader source said. "And when the rise is of this magnitude, you know the fall will hurt badly."
One source at a mill described the increases as "drastic and continuous."
Most orders were still seen as primarily for restocking, following depletion of inventories during the hardest times of the Covid-19 pandemic this year.

"What awaits us in 2021 remains to be seen," a US-based trader source said. "Sure, demand is strong and there's a supply imbalance, but how long will this...

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