More restricted export allocations from China, Japan and Brazil, as well as gradual restarts in activity on the continent, were still driving prices upward. On the other hand, the steel plate market was still under pressure due to anemic consumption in the region.
“South America is slowly returning to normal steel demand levels with countries easing the restrictions needed because of the Covid-19 pandemic,” one US-based trader source said.
While some clients, particularly on the Pacific coast, were trying to secure imported supply as soon as possible amid this persisting uptrend, others preferred to stay away, especially those in Brazil.
“Orders from Brazil remain for low-tonnage cargoes, and import...