Prices from Russia and Brazil continued to provide headwinds to the overall import market amid falling costs for iron ore and slab, market participants said. One mill source recalled that in some cases the price dropped $100 per tonne solely during December-shipment negotiations.
“Prices from Russian mills no longer appear to be so attractive, since lead times are normally longer than other suppliers,” that mill source added. He said that several of those offers were now for shipment in January rather than December.
In Brazil, demand took a hit from larger inventories, prompting lower offers, while currency exchange had also become a risk for importers.
“No one is ordering,” a Brazilian trader source said. “With the dollar as high as it is now and higher stocks at ports, I don’t think they will [order] anytime soon.”...