Steel import prices soar in South America as clients rush to buy

Import prices for flat-rolled steel rose sharply in South America during the week to Friday November 13, with negotiations for January shipments starting to settle faster than expected due to drastically higher offers from China, market participants told Fastmarkets.

"China is increasing prices fast, and there is no doubt those higher offers are becoming predominant," one Brazil-based trader source said.
"There were many price movements [this week], with Chinese mills offers jumped upward more than we expected," a source at a mill said. "We feel that our [own] price levels [are] too low now."
Overall improving demand from various regions led to a larger export price rise from Chinese mills than in previous weeks, encouraging clients to close deals quickly, before any further increases, market participants said.

Fastmarkets' price assessment for steel hot-rolled coil, import, cfr main ports South America, climbed to...

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