As previously expected, Brazilian producers have increased the price for export wire rod, a local exporter told SteelOrbis.
“The price for all long products except wire rod have increased by 8 percent from July 1, so the increase for wire rod was only a matter of time,” the source said, adding that if exports decline due to the increased price, the unsold volume can be diverted to the domestic market, which in his view is showing signs of a recovery in July.
With the 8 percent increase, wire rod of the mesh grade is now traded for export at $524/mt, while for the drawing grade product the base for negotiation is $540/mt, both FOB conditions.