Brazilian finished steel, raw material prices to climb further in April: survey

In the survey of Brazilian producers, distributors, traders and end-customers conducted from late March to the beginning of this month, the index for finished steel price development stood strong at 80 points -- flat from March -- influenced by 76% of respondents expecting additional hikes.

In general, readings above 50 are interpreted as bullish, and readings below 50 are interpreted as bearish. A reading of 50 means no change.

While producers have cited increasing costs as the reason for the 15% price hikes announced for flats and longs finished steel products, consumers said that in addition to that, mills have also increased their attention and volumes to the export market.

The Platts Brazilian domestic HRC price was assessed April 14 at Real 6,275/mt, or $1,335.11/mt, ex-works, excluding taxes, based on a range of Real 6,150-6,400/mt.

The Platts Brazil domestic 10 mm rebar price was assessed at Real 4,900/mt, or $1,042.55/mt, ex-works, taxes excluded, based on a range of Real 4,800/mt-Real 5,000/mt.