South American flat steel import market recovers further on China increases

Prices for most imported flat-rolled steel increased this week in South America despite persisting lackluster demand, as a hot domestic market in China is leading to higher offers.

Seller and buyer sources told Fastmarkets orders for July shipment would likely be 50-75% lower than before the Covid-19 pandemic. June deals will likely amount to around a third of usual volumes, they said.
Fastmarkets' price assessment for steel hot-rolled coil import, cfr main ports South America was $445-460 per tonne on Friday May 22, up from $440-450 per tonne a week before, with the midpoint of the range at its highest level since March 27.

While larger Chinese mills increased their HRC offer prices to South America to $460-465 per tonne, there were still smaller participants offering at $445-450 per...

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