In general, readings above 50 are interpreted as bullish, and readings below 50 are bearish. A reading of 50 suggests no change in the sentiment.
About 73% of the surveyed consumers expect finished steel prices to decline through the month, while 26% consumers and 88% producers anticipate stable June prices.
Brazilian flat steel makers slashed prices through the week ended June 10, as competition among mills became fiercer amid lackluster demand.
"Demand is not showing recovery signs, it is only falling," said a mill source about hot-rolled coils.
Mills were initially looking to maintain cold-rolled coil and hot-dip galvanized sheet prices, but the lack of bookings flashed a green signal for a price war, the source said. "Overall, the price has already fallen 10% and it is still on the downtrend."
Platts assessed Brazil's domestic HRC down 9.2% week on week at Real 5,900/mt, or $1,187/mt June 10, ex-works, excluding taxes, based on a Real 5,700-Real 6,100/mt range.
Higher imports were also pressuring HDG and CRC prices, although they did not seem to affect HRC pricing.
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