U.S. market more active in closing deals

The U.S. import market showed a shift last week. “We’re not seeing frantic demand or a price rally, but the market is more active, with more inquiries and interest,” summarized a regional trader. For Argentine product, bids have gone up to US$ 5,200/t CIF for 90 CL. “It’s interesting to see how round cuts have surged in the U.S. over the past two or three weeks. That opens a more positive outlook for when inventories run out,” he noted. This interest was reflected in inquiries for knuckle, flat, or topside, for example. “The reality is that without quota, prices still can’t compete with China,” he admitted.