RTTNews reported that Brazilian steelmaker Companhia Siderúrgica Nacional (CSN) and ArcelorMittal increased steel prices sold to distributors by around 12%.
CSN’s adjustment was defined on January 5, while ArcelorMittal’s came into effect on January 3.
Carlos Loureiro, chairman of the Brazilian Institute of Steel Distributors (Inda), in an interview with Agência CMA, Loureiro said there was information that Usiminas should soon track its competitors’ move. He said “Usiminas is studying a price rise and there is an expectation that there will be some increase next week.”
He noted “There was an expectation at the end of last year that steel prices would fall, but they are holding up, and there are already those who think there is room for them to climb higher.”
Steelmakers had already increased steel prices to the automotive industry earlier this year. CSN confirmed a 23% adjustment for automakers, and from 18% to 23% for other industry sectors. The deal with automakers is annual.
Source : RTT News