Brazilian producers are negotiating wire rod of the mesh grade for export at $610/mt, FOB conditions, against a range of $610/mt to $620/mt last week, a local exporter told SteelOrbis.
A second market source mentioned that fresh deals are still reflecting uncertainties, due to perspectives for tax barriers to be announced for steel sales to the US. He added that prices could decrease in the short term.
Fresh numbers from the country’s ministry of industry, foreign trade and services, MDIC, indicate that the Brazilian wire rod exports in February declined by 47 percent from January to 27,900 mt, reflecting chiefly exports to the US reduced by 64 percent to 8,100 mt.
Other destinations were South America (18,000 mt) and the Caribbean (1,700 mt), while a small volume was shipped to Canada.
Gerdau exported in February 15,100 mt of wire rod at $579/mt, while ArcelorMittal exported 12,700 mt of the product at $618/mt, both FOB conditions, with price deals probably closed in December 2017.