South America flat steel import market at standstill on Chinese rebate uncertainty

The import market for flat-rolled steel came to a stop in South America in the week to Thursday April 1, with mills in China mills mostly withdrawing from exports, or refraining from offering to the region.

The trigger for this was the doubt in the East Asian country about its final decision on an export tax rebate cut, market participants told Fastmarkets.
Some Chinese steelmakers did offer exports in the week, but almost none of those were heard in South America. There were a few traders able to offer China-origin material but most were inactive.

Rumors of the Chinese export tax rebate for steel products being reduced from the current 13% dominated the market in March. Because of that, clients had to satisfy their needs for some May-shipment material elsewhere -...

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