There were reports of short selling in the market, while weak demand prompted more aggressive offers, according to sources. The Galvalume market was still the most dynamic in the flat-steel spectrum.
Fastmarkets’ price assessment for steel coil Galvalume import, cfr main ports South America was $700-720 per tonne on August 16, down from $720-735 per tonne on August 9.
Although most traditional Chinese mills were offering 0.4mm, 100-120g coated coils to Brazil at $730 per tonne cfr and to the Pacific coast at $710-720 per tonne cfr, some material was offered to Brazilian clients as low as $690 per tonne cfr.
No Galvalume deals were reported, however, because...