Recently, the Brazilian steelmakers and traders have been forced to reduce the export prices of hot rolled coils (HRC) in order to ensure the August order volumes.

Traders said that the transaction prices for 12,000 tons of HRC with thickness of 3mm exported Argentina were at US$608/ton FOB this week, the lowest profits over the past twelve months.

Usinas Siderurgicas de Minas Gerais S.A (Usiminas) said that it planned to transfer its business to doemstic market as the HRC export prices have been close to the input costs.