Brazilian steelmaker Companhia Siderúrgica Nacional (CSN) increased its flat and long steel prices by 12pc on Dec 1, in line with the global market, due to 40pc higher iron ore prices this year, Luis Fernando Martinez, executive director at CSN told the media. He added that currency fluctuations also played a part.
According to media reports, Usiminas has also noted conditions to adjust prices soon but did not disclose any specific increment.
Neither Companhia Siderúrgica Nacional (CSN) nor Usiminas responded to queries from Davis Index about the matter at the time of publication. Steel companies have increased their prices since the end of August.
Gerdau increased its flat steel prices between 7-11pc on Sep 1 while ArcelorMittal Brasil and other domestic players increased prices by 10pc in August. In July, Brazilian steelmakers raised their prices for long and flat steel products. The country’s crude steel output rose by 3.5pc to 2.7mn mt in October, from 2.6mn mt in October 2019, according to the latest figures released by the World Steel Association (worldsteel).