South American flat steel import market uptrend persists

New rounds of price increases during the week ended Friday December 18 fueled the uptrend in South America's flat steel import market that has been seen throughout the fourth quarter, market participants told Fastmarkets.

Chinese mills were no longer offering cargoes to the region for February shipment, and some had even denied orders for March and were awaiting the new year to offer cargo for April shipment.
Meanwhile, remaining deals for February shipments from other origins closed at higher levels, following the strong uptrend in China.
"I have never seen this before. Not only mills have increased offer prices many times during the week, some are talking about delaying part of their shipments," a US-based trader source said.
"I haven't heard anything about delays, but the market is very confusing. You order one day, and they get back to you the next saying prices are already higher," a Brazil-based trader said.

Some traders decided to lie low until 2021 in fears of paying too much for the material and then seeing prices plummet in a broad downward correction...

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