Brazil exported 51,600 mt of rebar in October, 56 percent more than in September, at an average price reduced by 14.2 percent to $438/mt FOB.
According to industry sources, the increase reflects chiefly the reduced demand from the local civil construction sector, forcing producers to search for opportunities abroad.
Gerdau was the top exporter, with a 110 percent increase in volume to 38,700 mt, of which 20,500 mt from its plant in the northeastern state of Pernambuco, while ArcelorMittal exported 7,200 mt, a 36.5 percent reduction from September.
For the first time exporting in recent years, Sinobras shipped abroad 4,800 mt of rebar at $310/mt, FOB conditions, from its plant in the northeastern state of Ceara.
The top destinations of October were South America (30,800mt at $516/mt), Africa (19,500mt at $311/mt) and the Caribbean (1,300mt at $504/mt), all FOB conditions.
In the Brazilian domestic market, the CA-50 grade, 10mm thickness product is sold at BRL3,289/mt ($861/mt), CFR, full taxes conditions, a major distributor in Rio de Janeiro told SteelOrbis.
USD = BRL 3.84 (November 13)