A source from a major distributor in Rio de Janeiro told SteelOrbis that a 14 percent increase has been effective since early May for HRC, as previously announced by the local flats producer Usiminas.
With the increase, HRC of the basic commercial grades are now sold domestically at BRL 3,060/mt ($860/mt), FOB, full taxes except IPI, equivalent to $645/mt, FOB conditions, no taxes included.
The 14 percent increase followed another increase of 6 percent, compensating for local inflation and exchange rate variations, while repositioning the price with international steel prices, the source said, quoting Usiminas.
HRC is reportedly traded at $480/mt, FOB conditions, for export from Brazil.
In April, ArcelorMittal exported HRC at $278/mt, CSN at $354/mt and Usiminas at $328/mt, FOB conditions, price deals probably closed in February.
$1 = BRL 3.58