Import Brazilian hot-rolled coil (HRC) price fell this week while domestic HRC remained steady.

Argus assessed HRC ex-works Brazil at R4,000-4,300/metric tonne (t) ($688-740/t), steady from the previous week, while HRC import prices fell to $535-555/t cfr, down by $5/t on lower offers.

Both buyers and sellers took a wait-and-see approach for the remainder of the year as they gauge competing market factors for 2025.

From the importing side, an appreciation of the dollar against the Brazilian real, further tariff increases and new antidumping measures could lead to price increases. Such actions are widely expected by the market, as the government has already announced some measures that aim to curb import increases.

With the price hike, steel importers would consider purchasing domestic products, market participants said, as the premium is no longer seen at two-digit difference. That could support the Brazilian steelmakers to raise their prices as well.

This would not take the market by surprise, as some mills have already tried to increase prices this year but failed in some cases because of buyer resistance. This time, one market participant said, mills would have more room for these increases.