Brazilian flats steelmaker Usiminas confirmed on Wednesday that it has increased HRC prices for the country’s distribution chain by 10.7 percent.
The price increase, which was higher than the 5 percent estimate previously forecasted by analysts, was mentioned in a document filing at the country’s securities exchange commission, CVM.
Usiminas said in the filing that the price increase is expected to improve the company’s cash position. Second quarter results for the company will be released July 28.
As of June 29, the most recently reported price level for Brazilian domestic HRC was BRL 3,992/mt ($1,243/mt), ex-works, full taxes except IPI, for distributor sales of small to medium sized orders. If Usiminas’ price increase is fully absorbed into the market, sales prices from Brazilian HRC distributors would be BRL 4,419/mt ($1,376/mt), ex-works, full taxes except IPI.
USD = BRL 3.21 (July 12)