Following China's Golden Week holiday, Brazilian steel slab exporters showed a lack of pricing direction, with both selling and buying sides seeking market fundamentals to support their pricing guidance.
While Brazilian producers continued pointing tradeable values above $490/mt FOB, buyers seemed to be testing the limits downwards, with no buying intentions.
As such, the week was spent without firm offers or bids, according to sources, leading to no verifiable deals in the period.
"We have no ongoing negotiations right now," said a producer source. "Just talks."
The slab market is in a "hangover" after the Chinese holiday, he said.
"[The] market is on a very slow pace this week, we didn't closed any deals," said another producer source. "Our objective is to stay in the $490/mt FOB pricing level, but I don't know if it will be possible," he said.
"There's also lot of iron ore offers in the market after China closed its sintering capacity -- and no one needing to buy. This may pressure Chinese hot-rolled coil prices," he said, adding that slab prices would be the next.
S&P Global Platts weekly Brazilian slab export assessment remained steady at $489/mt FOB Brazilian ports on October 13, based on a range of $486-$492/mt of bids, offers and deals.
