[SMM Steel] 7.24 SMM Global Steel Daily Report

Published: Jul 24, 2026 19:00

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[Brazil] Major-customer bankruptcy triggers spot liquidation; Brazilian HDG prices under pressure

This week domestic hot-dip galvanized (HDG) steel prices in Brazil came under downward pressure. The decline was primarily driven by a key client of a major local mill filing for bankruptcy liquidation, creating receivables risks that prompted the steelmaker to liquidate inventory at discounted spot prices to accelerate cash recovery. However, backed by robust automotive demand, quotes from other mainstream mills held firm. Hot-rolled coil ex-works prices stabilized at 750-760USD/tonne EXW, as high interest rates and tight credit conditions continued to suppress downstream purchasing sentiment. In the slab market, mills prioritized internal consumption for September shipments, keeping export offers steady at 580-585 USD/tonne FOB.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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