On May 10, SteelOrbis reported Venezuelan HBI export offers in the lower $240's/mt FOB. Sources inform SteelOrbis that offers are now reportedly up at $250-260/mt FOB with deals estimated at $245-253/mt FOB.
The higher offer prices are attributed to “a strong need for the high-quality material in the export market.” A source added that given the political situation in Venezuela, “it may be hard for the predominant number of transactions to move beyond the $240’s/mt FOB given the higher risk undertaken by the buyer.”