A source from a distributor in Rio de Janeiro told SteelOrbis that he was informed by Usiminas that HRC prices will rise by 14 percent from current levels, effective May 2.
Usiminas reportedly justified the increase on grounds of domestic inflation and higher international steel prices.
The company had recently announced price increases of 6.0 percent and 6.5 percent, but only 6.0 percent was effectively implemented.
Coupled with the previous 6.0 percent increase, the 14 percent increase will set the new price in the domestic market at BRL 3,060/mt ($865/mt), FOB, full taxes except IPI, equivalent to $660/mt FOB conditions without taxes.
1 USD = BRL 3.49 (April 28)