According to sources, slab deals for exports from Brazil, for shipments in in February, were recently closed at $710/mt, FOB conditions.
The price compares to $650/mt, under the same conditions, for expectations unveiled last week as the base for negotiations for the first shipments of February; the price level was the same as the last deal closed for a shipment in January.
A source linked to an exporter mentioned that the $710/mt CFR deals were closed with clients in the US and Mexico, adding that with HRC in the US currently priced at $1,151/mt FOB mill, he believes that the slab price has room to increase even further.
In December, the Brazilian slab exports are expected to decline from the 551,000 mt exported in November.