Brazilian steelmakers are reportedly planning to increase steel prices for November delivery, according to analysts from BTG Pactual.
Flats steelmaker Usiminas, Companhia Siderurgica Nacional (CSN) and ArcelorMittal Brazil would increase flat steel prices for the distribution chain by about 10-12 percent, the analysts from BTG Pactual said, citing undisclosed sources.
According to BTG Pactual, with the new price hike, Brazilian steelmakers would have reached an accumulated steel price increase of 40 percent on a year-to-date basis.
Earlier this week, analysts forecasted CSN to post stronger Q3 results on an improving domestic scenario.