Weaker demand combined with lower offers from all origins, spearheaded by recent Chinese price falls, put further downward pressure on South American flat-rolled steel import prices in the week ended Friday November 19.
Despite offers from China continuing to drop - in what was widely considered by market participants to be short-selling from traders - buyers remained hesitant about booking new cargoes for January shipment on fears that the Asian country would impose an export duty on steel products.Brazilian and even Mexican mills joined in as the market dropped, lowering their offers - but with Japan pushing for higher prices. In the...