Brazilian steelmakers are negotiating exports of mesh grade quality wire rod to the US East coast, at approximately $585/mt to $595/mt CFR, against $580/mt to $590/mt CFR last week, a local market source told SteelOrbis.
The source mentioned that the increase continues to reflect higher prices for the billets used as feedstock to produce wire rod.
For exports to countries in South America, the range has also increased, to $610/mt to $620/mt, against $605/mt to $615/mt last week, CFR conditions for the mesh grade product. Higher logistics costs, derived from road transportation to Uruguay, Argentina and Chile, are the reason for the higher prices, when compared with US destination.
In October, ArcelorMittal exported 19,200mt of wire rod at $499/mt, while Gerdau exported 15,000mt at $506/mt, both FOB conditions, different quality grades and price deals probably closed in August.