South American flat steel import market uncertain on China absence, freight volatility

South American flat-rolled steel import prices ended the week to Friday September 24 on an unclear trend amid more aggressive bidding from customers and slightly higher offers from traders due to soaring freight rates.

Chinese material remained a rarity on the continent, with firm offers being scarce due to lower allocation from mills. Uncertainties regarding a potential export tax introduction in the Asian country, however, seemed to have dissipated.
"I think each day it looks less likely that China will impose that duty," one United States-based trader said.
"In any case, I hear more traders are able to sign deals without relegating such risk to buyers," a Brazilian trader stated. "The price you sign is the price you'll pay, regardless of an export tax."
This quiet stance from China was exacerbated by the Mid-Autumn Festival holiday on September 19-21. There were almost no firm offers from larger mills, leaving the market to smaller mills and traders with on-hand cargoes.

Russian and Indian mills were also trying to take the spotlight again. A few offers and deals for products from those origins were heard...

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