Brazilian steelmaker Companhia Siderurgica Nacional (CSN) will increase steel prices once again in March, top executives said this week during an earnings call with analysts and investors.
CSN’s executive director, Luis Martinez, said the company will likely hike steel prices in March by 25 percent when compared to Q4 2020 price levels, affecting finished steel products for the distribution chain in Brazil.
Martinez said the company is already planning another price hike by Q2 this year by another 20 percent.
CEO Benjamin Steinbruch attributed the price hikes to increased raw material costs. He also said there’s high demand and limited inventory for products like slab.
“Right now, if you go to the market, you will have slabs that cost $750/mt, but we have none for delivery. If you want to buy slabs it is probable that they will only be available for delivery in May and they would arrive in Brazil in June or July,” Steinbruch said.