A Brazilian exporter told SteelOrbis that wire rod prices have continued their stable trend this week, with current offers holding at $634/mt for the mesh grade product and $653/mt for drawing grade, both FOB conditions.
While some previous contracts remain negotiated on a case-by-case basis, sources say almost all sales are being closed under the above prices.
With price deals probably closed in March, ArcelorMittal exported its wire rod in May at $584/mt, Gerdau at $468/mt and the Votorantim group at $543/mt, FOB conditions.
Considering the poor demand environment in the domestic market due to the country’s lackluster economy, Brazil’s steel industry is focusing on international markets.
During the first five months of 2017, Brazil exported 4.75 million mt of steel products, 15 percent more than in the same period of 2016, according to the country’s ministry of industry, foreign trade and services, MDIC.