Brazilian steelmakers to hike steel prices in February

Wednesday, 03 February 2021 00:44:06 (GMT+3)   |   Sao Paulo

Brazilian steelmakers are expected to announce steel price hikes in February, according to a media report from Reuters.

Flats producer Usiminas, integrated steelmaker Gerdau and Companhia Siderurgica Nacional (CSN) should increase distributor steel prices between 12 to 15 percent, the media report said, citing an industry source.

The hike takes place after a recent price increase in January 2021 of about 10 percent. The expected steel price increases for February follow increasing steel prices in the international market.

The source said demand is fueling prices upward. For instance, distributors could buy imported plate, but it would take about a month for the product to arrive. In order to meet growing steel demand, distributors might accept the hikes in order to have inventory to supply their clients.

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