Brazilian steelmaker Companhia Siderurgica Nacional (CSN) increased the price of the steel it sells to automakers and the industrial segment between 18 and 23 percent, the company confirmed on Wednesday.
CSN declined to provide specifics, but confirmed flat steel prices for the local automotive segment rose 23 percent, as previously anticipated by SteelOrbis. In early November, CSN said it was seeking a 30 percent price hike for the automotive industry. At the time, Usiminas was seeking a 25 percent price increase for the same sector; Usiminas is expected to confirm a similar price hike for local automakers.
Brazilian steelmakers sell steel for automakers for a one-year term at specific prices set on year-end. CSN’s new prices for the auto industry are effective since January 1.
As for the industrial segment and home appliances sector, steel prices increased between 18 and 23 percent.
No further details were released.