South America flat steel imports show no clear trend amid new China tax fears

South American flat steel import prices did not show a clear trend in the week to Friday August 6, with some products being offered higher - especially due to tax rebate cuts in China - while others were down due to discounts or the absence of more expensive material in the market.

Demand also took a hit during the period. Some customers were concerned that a Chinese export tax for hot-rolled products would follow the rebate cuts for coated products, while others were paying attention to Chinese port congestion and to rising freight rates.
"The continuously rising freight is a big headache for all mills and traders," one non-Chinese mill source said. "[And since] less export volumes from China are expected for September and October shipment, more volumes from Brazil [are a possibility] for October."

Said a US-based trader: "In Brazil, supply will continue to be insufficient to meet clients' needs due to demand rising in the second half of the year. However, not only Chinese shipments are being delayed, there are long queues at the [main steel hub] S??o Francisco do Sul port at 10-20 days, fueling...

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