Brazilian export prices increased, supported by higher coal prices

摘要

Brazilian steel finished products exports contracted in October, while export prices increased alongwith international prices, a function of the higher coal prices that are pressuring steel mills' costs.We do not expect a substantial recovery in Brazilian demand in the short term. However, domesticprices could continue their uptrend if coal prices continue to pressure mill costs. There are alreadyrumours in the market that another round of price increases will be announced before the end of theyear.