Brazilian producers Gerdau and ArcelorMittal exported 50,600mt of wire rod in June at an average FOB price of $406/mt, which reflects a 2.6 percent dip from May pricing. Current export totals have increased by 68 percent, month-on-month.
The average price point for mesh grade was $382/mt, while the drawing grade export price trended between $403/mt to $409/mt price range. Export cargoes at these price points are believed to have closed in April.
The main destinations for Brazilian wire rod exports were Latin American countries (33,100mt), the US (9,500mt) and the EU (7,000mt), while 1,000mt were shipped to Asia.
ArcelorMittal exported 34,800mt at $419/mt, while Gerdau exported 15,800mt at $379/mt, both FOB conditions.
One source close to SteelOrbis, who is deeply involved in export, said that although his company is holding export price of the mesh grade product at $485/mt and drawing grade product at $500/mt, an eight percent increase is expected to be rolled out within the next few weeks.