Market participants recently told Davis Index that Brazil’s steel producers have increased their sales prices since the end of August through the beginning of September this year.
Gerdau increased its flat steel prices between 7pc-11pc on September 1, a source at the Brazilian steelmaker told Davis Index without disclosing further details. Carlos Loureiro, the chairman of Brazil’s National Institute of Steel Distributors (Inda), said in a recent media statement that ArcelorMittal Brazil along with other large steel players in Brazil also increased their prices by 10pc in August.
Neither ArcelorMittal Brazil, Companhia Siderúrgica Nacional (CSN), nor Usiminas responded to queries from Davis Index about the matter at the time of publication.
In July of this year, Brazilian steelmakers increased their prices for long and flat steel products. Prices were also hiked in January due to a weak local currency and elevated international prices.This industry is operating about 60pc of its production capacity as an impact of the COVID-19 pandemic.
Brazil’s crude steel production grew by 3.5pc to 2.59mn mt in July from 2.50mn mt in the same month last year, according to the latest figures from the Brazilian Steel Institute (Aço Brasil). Long steel production also increased by 10.6pc to 809,000mt in July from 731,000mt produced in July 2019.