A source from a Brazilian distributor told SteelOrbis that the local producers did not increase so far their prices for wire rod.
Such price, covering both domestic and export prices, was supposed to increase along with the eight percent increase applied in July to other long products, but was postponed as a market strategy, due to a possible loss of competitiveness vis-a-vis international prices, in the case of exports, and vis-a-vis imports, in the case of domestic sales.
The source mentioned that he believes that the prices will be increased over the next few weeks.
With the increase, wire rod of the drawing grade would be exported in average at $540/mt, while for the mesh grade the base price would be $523/mt, both FOB conditions.
In May, ArcelorMittal exported wire rod in average at $443/mt, while Gerdau exported at $381/mt, FOB conditions, price deals probably closed in March.