According to a distributor in Rio de Janeiro, the price of HRC of the basic commercial grade, for sale in the domestic market, was increased by 5 percent to BRL 2,520/mt ($642/mt), FOB, full taxes except IPI.
He mentioned that the decision was made with consideration of different factors, including reduced domestic production and increased demand from international markets, coupled with a need price recovery dictated by domestic inflation.
According to the source, a small improvement in domestic demand is expected in January, despite the current slowdown of the domestic economy.
He added that the price increase does not consider the possibility of higher import tax for steel products, currently under evaluation by the government.
1 USD = BRL 3.87 (December 29)