Brazilian steelmakers Companhia Siderurgica Nacional (CSN) and Gerdau should both benefit from appreciated steel prices in the export market as well as stronger domestic demand in Brazil, a report from Credit Suisse said.
Without disclosing a specific price hike forecast, Credit Suisse said local steelmakers are expected to increase flat steel prices in Q1 2021.
The bank said “one major” Brazilian steelmaker is expected to increase flat steel prices in early 2021. Credit Suisse didn’t name the steelmaker but said the company would hike prices by 5 percent.
Credit Suisse said higher iron ore prices and improved domestic demand in Brazil make it possible for steelmakers to increase steel prices.