Recently, the Brazilian steel mills have suspended exports of steel long products such as rebar and steel wires due to sluggish demand from overseas markets.
The Brazilian steelmakers said that the international market was in a fierce competition due to supply over demand. The global steelmakers have cut prices to gain orders.
It’s learned that the quotes of rebar and steel wire have decreased to US$540/ton FOB and US$520/ton FOB, much lower than the Brazilian steelmakers’ export offers of US$650/ton FOB.
Consequently, the Brazilian steelmakers have no choices but to suspend exports of rebar and wires temporarily.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=64668&division=A4
