Brazil-based Ferbasa announced that net sales in August reached R$62.24-million, down from R$80.85-million in July. August numbers, however, represented a rise of 40.34% compared to the same 2012 period, when net sales were R$44.35-million. Over the past twelve months, July 2013 saw the highest net sales when Ferbasa sold 13,757 mt of high-carbon FeCr, 1,543 mt of low-carbon FeCr and 9,089 mt FeSi. Despite most volumes being down month-on-month since May of 2013, Ferbasa sold 10,617 mt of high-carbon FeCr, 986 mt of low-carbon FeCr and 7,265 mt of FeSi. The figures represent a change of 51.58%, -16.23% and 38.2%, respectively, when compared to the same 2012 periods.
Over the past several weeks, BRIC currencies have struggled against the dollar in anticipation that the Fed would reduce its $85-billion monthly bond purchases, perhaps driving up interest rates in the US, where investments could look more attractive. With the weaker real, however, Brazilian goods were becoming more attractive in the export market. However, with September 18th announcement that there would be no change at this time, BRIC curriencies, particularly the Brazilian real, could see some strengthening in the coming weeks.
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