Brazil's domestic price for steel reinforcing bar fell in October due to more balanced supply-demand fundamentals and a broader global downtrend.
On the other hand, Turkish prices had rebounded in the week to Friday October 8, and market participants saw room for price increases in Brazil.
Brazilian mills usually follow international trends, aiming for an average 10% premium in domestic prices over imported material. In the case of rebar, Turkish prices are the benchmark.
Fastmarkets' price assessment for
steel reinforcing bar (rebar) domestic, monthly, delivered Brazil was at 5,055-5,100 Reais ($918-927) per tonne on Friday, down by 2.45% from 5,100-5,310 Reais per tonne in September.
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