Brazilian steelmaker ArcelorMittal Brazil will increase domestic HRC prices by 10 percent, following a similar announcement by competitor Usiminas.
A media report citing market sources said the local steelmaker will increase HRC prices effective next Monday.
Flats steelmaker Usiminas announced earlier in July an HRC price increase of 10.7 percent for the country’s distribution chain.
As of June 29, the most recently reported price level for Brazilian domestic HRC was BRL 3,992/mt ($1,243/mt), exworks, full taxes except IPI, for distributor sales of small to medium sized orders. If ArcelorMittal’s price increase is fully absorbed into the market, sales prices from Brazilian HRC distributors would be BRL 4,391/mt ($1,380/mt), exworks, full taxes except IPI.
USD = BRL 3.18 (July 17)