Brazilian steelmaker Companhia Siderurgica Nacional (CSN) will reportedly increase steel prices for all its products in June and July, according to a media report by Estadao. CSN will hike steel prices by 7.5 percent in June and then by another 7.5 percent in July.
CSN will also increase steel prices for automakers by 70 percent. The last price hike for the sector was announced in January this year. The media report said CSN will also negotiate three-month contracts with the local automakers, instead of year-long contracts.
The expected price hikes should sustain CSN’s and the Brazilian steel sector’s strong momentum, SteelOrbis was told. All domestic steelmakers posted increased results in Q1 this year.
CSN went from a net loss of BRL 1.31 billion ($247.1 million) in Q1 2020 to post a net profit of BRL 5.69 billion ($1.07 billion) in Q1 this year.