South America steel import prices volatile amid Chinese rises, weak currency

Flat steel import prices showed no clear trend in South America in the week ended Friday February 28, with Chinese exporters trying to push for increases following a steep decline through the earlier parts of the month.

Buyers in Brazil had been especially quiet because of the strengthening United States dollar and the annual break for carnival festivities in the South American country.
“Clients have adopted a wait-and-see approach to the import market because of the foreign exchange rate,” one Brazil-based trader said. “It doesn’t help that Brazil was virtually out of the market until Wednesday because of the carnival holidays.”

On Friday, $1 was trading at 4.47 Reais, compared with $1 to 4.24 Reais on January 31. Worries about the effects on the economy of the global measures to control the 2019-nCoV coronavirus and domestic political turbulence in Brazil were...

Published

Renato Rostás

February 28, 2020

19:25 GMT

São Paulo