"Customers on the South American Pacific coast seem to be increasingly anxious that they may not be able to receive firm offers for June shipment from Chinese mills [and] already started to accept our initial offers," a source from a mill outside of China said.
In Brazil, traders had few, if any, material to offer, while buyer appetite remained strong.
Most China-based mills were refraining from offering material for June shipment to South America due to uncertainties regarding the Asian country's export tax rebate. There has been reports in the market of a rebate cut for steel products since January.
Fastmarkets' assessment for...