A major rebar producer in southeast Brazil told SteelOrbis that he is selling the 10mm thickness, CA-50 grade product at BRL3,350/mt ($1,081/mt ), CFR, full taxes, reflecting an increase of 12 percent in the last three weeks.
The price of rebar already increased in Brazil this year by 7 percent to compensate for the inflation in 2014, while the increase of 12 percent puts the domestic price in line with the price of the imported product after clearing customs, the source said.
Brazilian imports of rebar in February reached 3,700 mt, against 27,000 mt in January, at an average FOB price increased by 3.6 percent to $595/mt, according to the country's ministry of development, industry and foreign trade, MDIC.
The tonnage of January and February was almost entirely shipped from Turkey.
$1 = BRL 3.10