The reference price for the export of rebar by Brazilian producers has declined from $535/mt over the last weeks to $490/mt, FOB conditions for the CA-50 grade, a local market source told SteelOrbis.
The lower price reflects attempts by the Brazilian producers to face competition from Turkey and China with rebar exports to South American countries.
In February, all Brazilian rebar exports were destined to South American countries, with ArcelorMittal exporting 19,300 mt at $563/mt, while Gerdau exported 8,700 mt at $434/mt, both FOB conditions and different quality grades.
The volume of rebar exports from Brazil is expected to increase in March, as the volume of February was affected by intensive rains in the production areas of the Southeastern states of Minas Gerais and Espirito Santo, resulting in the postponement of shipments to March.