São Paulo P1020 premiums remained stable at $300-350 per tonne in the low-VAT market and $150-180 in the high-VAT market. Brazilian producers may prioritize exports because overseas opportunities remain attractive, potentially tightening domestic ingot availability toward year-end. Meanwhile, the United States and Canada announced 50% reciprocal tariffs affecting around $20 billion of steel, automotive and aluminium trade. USMCA exemptions for qualifying regional content may reduce the practical impact, while the different implementation dates leave room for negotiations.
