According to data from S&P Global Commodity Insights' monthly steel sentiment survey, most market participants expect Brazilian finished steel prices to rise further due to higher costs and producers' increased export allocations.
In the survey conducted from the end of March to the beginning of this month among Brazilian producers, distributors, traders and end customers, the index of finished steel price development was affected by 76%, remaining at 80 points, horizontally from March.
(In general, readings above 50 are interpreted as bullish and readings below 50 are interpreted as bearish. A reading of 50 means no change.)
While the producers cited rising costs as the reason for the 15% price increases announced in flat and long product products, consumers also said that producers increased their interest in the export market and their volume.
Platts Brazil domestic HRC price has been determined as Real 6,150-6,400/mt on April 14 at Real 6,275/mt excluding taxes or $1,335.11/mt ex-works.
The Platts Brazilian local 10 mm rebar price is set at Real 4,900/mt excluding taxes, or $1,042.55/mt ex-works, in the range of Real 4,800/mt - Real 5,000/mt.
Also, sources said that producers are already discussing the possibility of a second price increase for early May.
"Factories are keeping an eye on China to prevent a flood of imported products," one market participant said. said.
According to S&P Global data, Brazilian ferrous scrap grades have increased by 10-20% since the beginning of April, while imported coking coal/coke was limited and was subject to fluctuations in the Australian and Chinese markets.
"Freight continues to put pressure on dealers' operations, and the reduced supply of automotive scrap contributes to the scenario of rising prices during firm purchases," one participant said. said.
Comments
No comment yet.