No buying interest has been seen in the Brazilian ferrous scrap market in recent weeks, aggravated by the year-end holidays, sources said Monday. The market has been hurt this year by the slowdown in industrial activity that hit the country.
The Platts weekly assessment for clean steel scrap was assessed stable Monday at Real 415/mt ($104/mt), based on a range of Real 400-430/mt of offers, bids and deals.
The HMS 1/2 weekly assessment was also stable at Real 405/mt, on the Real 390-420/mt range. The weekly turnings assessment was at Real 300/mt, based on the range of Real 290-310/mt. All prices are on a delivered-to-mill basis.
"As the year winds down, there are no negotiations, nobody is buying anything," a dealer said.
A second source said companies have already closed offices for the holidays.
"Nobody is working this week. The market will be stopped until the beginning of January and prices will remain stable," the source said.
