The Brazilian ferrous scrap market has remained static after an about 20% increase in mid-January, sources said Monday.
The S&P Global Platts weekly assessment for clean steel scrap remained at Real 665/mt ($204/mt), based on a Real 650-680/mt range for bids, offers and deals, delivered to mill.
The weekly heavy melting scrap I & II assessment also stayed stable at Real 650/mt, based on a Real 630-670/mt range, delivered to mill.
The turnings assessment is at Real 437.50/mt, based on a Real 425-450/mt range, delivered to mill.
According to a dealer, the market calmed down after the sharp increase in January.
"In general, all dealers are satisfied with the better demand this year. This made the market calmer a bit" in terms of pricing, one dealer said. "But it is difficult to know if this situation will change sooner or later. We need to wait," he added.
The Brazilian ferrous scrap exports in February fell 43.7% year on year and 10% month on month to 31,660 mt, the Ministry of Industry and Foreign Trade said.
The bulk of the exports -- 7,803 mt -- went to Bangladesh at an average FOB price of $292/mt. India followed, with 7,346 mt at an FOB price of $303/mt, the ministry said.
Ferrous scrap exports through the port of Santos in February totaled 10,140 mt, compared with 13,964 mt in January and 28,971 mt in February 2017.
