For the third consecutive week, Brazilian producers remain negotiating wire rod for export in a price range of $600/mt to $610/mt, FOB conditions, with reference to the mesh grade product.
A source from a local exporter told SteelOrbis that the price level, slightly higher than international prices, is competitive in sales to nearby markets, such as Latin America and the Caribbean.
Margins at Brazilian long steel producers remain squeezed by production costs, chiefly electric power and electrodes at electric arc furnace (EAF) plants, sources say, adding that more recent exchange rate movements have canceled small competitiveness gains derived from the devaluation of the BRL vis-à-vis the USD two weeks ago.