Brazilian steel rebar price climbs on tighter supply

The domestic price for steel rebar in Brazil has gone up in October, with an average 15% increase being fully applied and with some buyers willing to pay even higher prices for quick delivery, market participants have said.

Fastmarkets assessed the price for steel reinforcing bar (rebar), domestic, monthly, delivered Brazil, at 3,220-3,430 Reais ($574-611) per tonne on Friday October 9, rising from 2,695-2,775 Reais per tonne a month before.
That brought the midpoint of the range to a 46.5% year-to-date increase from 2,220-2,320 Reais per tonne on January 3.
The majority of offers were reported at 3,220-3,270 Reais per tonne, but not for delivery in October. Some rebar was presented to clients at 3,400-3,430 Reais per tonne and deals settled as high as 3,730 Reais per tonne for small cargoes from non-traditional suppliers.

Tight domestic supply, an unfavorable currency exchange rate and higher global prices were supporting monthly price increases in Brazil. The Brazilian steel industry traditionally follows overseas trends and targets a minimum 10%...

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