South American Weekly Tradelane Report

The USG to Santos corridor moved into Week 32 with rates easing modestly across all parcel sizes, each down two dollars week on week to $80, $70, and $64 per metric ton for 5K, 10K, and 20K parcels respectively. Caustic soda continues to anchor demand on this tradelane, with a 10,000 metric ton parcel reportedly concluded from the US Gulf to Santos for first-half to mid-August loading at freight levels in the low $70s. Traders have also been active quoting 9,000 to 12,000 metric ton requirements for second-half August shipment to Brazil, adding inquiry depth without yet translating into confirmed volume. A base oils fixture from the US Gulf to Brazilian discharge options further illustrates the breadth of cargo types moving on this corridor. Despite the continued flow of business, regular carriers retain availability to accommodate remaining August requirements, and current demand has not been sufficient to attract outside tonnage onto berth. The supply-demand balance remains largely unchanged, and freight expectations continue to point toward stable to soft market levels through the second half of August. Whether the outstanding second-half inquiries conclude in meaningful volume may determine whether rates find a floor or continue their measured drift lower.