South American flat steel import prices jumped in the week to Friday, Feb. 26, boosted by a rapid rise in bulk freight rates and higher offers from Chinese mills that returned to the market after the New Year holiday. Fastmarkets reports that.
Steel offers partially withdrawn
By the end of the week, some of the offers previously presented on the continent were withdrawn due to uncertainties regarding delivery. Lower freighter availability in Asia increased freight costs by more than $30 per ton in some cases, disrupting the overall import market.
Bulk freight costs on the China-South America route were $55-75 per ton this week.
“Did the whole world win the lottery or what? Prices are not going to stop going up,” a second Brazilian trader told Fastmarkets.
Source: metalbulletin.com
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