Clients decided to settle deals for October-shipment cargoes at higher prices, because demand was gradually improving and their supply needs had grown. It had become evident that it was now a seller’s market, participants told Fastmarkets.
“Chinese mills are rapidly raising their offer prices, so buyers are trying to mitigate that by ordering earlier,” one Brazil-based trader source said.
“There were already many deals for October shipment [during the current week], because clients were in a rush to secure [cargoes] from mills amid recovering demand and limited supply,” one mill source said.
Fastmarkets assessed the price for steel hot-rolled coil, import, cfr main ports South America, at $540-560 per tonne on Friday, significantly up from $510-535...