Domestic Brazilian hot-rolled coil (HRC) prices remained steady this week, while import prices rose on a volatile dollar.

HRC ex-works Brazil remained at R4,000-4,300/metric tonne (t) ($702-754/t), while HRC import cfr Brazil rose to $550-570/t.

Some domestic mills were heard to have raised offers by 4.5pc, but which mills, whether the increases have been absorbed by the market and exact price indications were unconfirmed as of presstime.

The dollar surged on Wednesday after the results of the US general election in which Donald Trump was re-elected president. This and unstable prices in China, a primary supplied of imported Brazilian steel, led to volatility in the import market, with one market participant saying HRC and cold-rolled cold prices were difficult to close in the week.

Steelmaker Gerdau this week credited an ongoing flood of Chinese imports as having affected their financial results in the third quarter, as the market share of Chinese steel rose from 10pc to almost 19pc in January-September of this year.