South America flat steel import market up on higher freight, falling supply

Prices of flat-rolled steel imported into South America were mostly up during the week ended Friday August 13, boosted by costly freight rates and higher offers, and despite uncertainty about a potential Chinese export tax.

Most market participants expect the Chinese government soon will announce an export tax on steel, which has been heard from market chatter in the Asian country. There was no consensus, however, about the magnitude or the timing of the tax.
"Clients decided to calm down a bit on ordering steel from China for the moment because of those uncertainties," one US-based trader source said. "And prices are close to stability or slightly higher."
Another issue lingering on customers minds was freight, participants added. Freight rates to South America have remained largely at high levels, almost always above $100 per tonne, and vessel queues in both Chinese and South American ports were troubling.

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