Usiminas considering HRC price increase

Brazilian flats steelmaker Usiminas confirmed on Thursday it is mulling a potential increase for its domestic HRC prices.

 

“Usiminas is evaluating the evolution of the market for an eventual HRC price increase” in the domestic distribution chain, the company told SteelOrbis Thursday.

 

The company’s response follows market rumors that it is analyzing the application of a new price increase for HRC, to be effective in July. The company is reportedly seeking a price hike of about 5 percent, as it looks to strengthen its cash position.

 

The most recently reported domestic HRC prices in Brazil were BRL 4,160/mt ($1,321/mt), ex-works, full taxes except IPI, as of mid-May. At the time, the currency conversion rate was 3.15 BRL per 1 USD.