Brazilian steelmaker CSN sent a letter to flat steel distributors on Tuesday announcing a 6 to 8 percent increase in prices. This marks the second price increase this year, due to what sources say are increased costs of steel production.
Cold rolled coil prices will rise 6 percent; hot rolled coil prices will increase 7 percent; and galvanized product prices will jump 8 percent.
The move follows CSN's competitor Usiminas' announcement in late February that prices would also increase by 6 to 8 percent in March.
After the news of CSN's price increase broke, the company's stock gained 2.76 percent to 10.07 reais per share. Similarly, Usiminas shares increased 2.23 percent to 10.07 reais, while Gerdau climbed to 3.11 percent.