A source from a Brazilian exporter told SteelOrbis that the base price for negotiations for wire rod exports of the mesh grade remains at $580/mt FOB conditions, the same as last week, while drawing grade product prices remain at $600/mt FOB.
In January, Brazilian exports of wire rod increased by 2.1 percent from December to 38,200 mt, while the average FOB price declined by 6.3 percent to $416/mt, for price deals probably closed in November 2016. The average price point for mesh grade exports was $400/mt and 580/mt for drawing grade exports, both FOB conditions.
The main destinations for Brazilian wire rod exports in January were South America (22,300 mt at $421/mt), the EU (10,500 mt at $357/mt), the Caribbean (2,400 mt at $425/mt) and the US (2,300 mt at $580/mt), all FOB conditions. The exporters were Gerdau (30,700 mt), ArcelorMittal (6,400 mt) and the Votorantim Group (800 mt).