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Financial News: BRAZIL: CSN Raises Steel Price For Distribution By

BRAZIL: CSN Raises Steel Price For Distribution By Around 12%

01/11/2018 - 16:25:00 (RTTNews)

(RTTNews) - Brazilian steelmaker Companhia Siderúrgica Nacional (CSN) and ArcelorMittal increased steel prices sold to distributors by around 12%, said Carlos Loureiro, chairman of the Brazilian Institute of Steel Distributors (Inda). CSN's adjustment was defined on January 5, while ArcelorMittal's came into effect on January 3.

In an interview with Agência CMA, Loureiro said there was information that Usiminas should soon track its competitors' move.

"Usiminas is studying [a price rise], and there is an expectation that there will be some increase next week," he said.

Steelmakers are under pressure of rising raw material costs, such as iron ore, and the stronger prices of steel in China.

"There was an expectation at the end of last year that steel prices would fall, but they are holding up, and there are already those who think there is room for them to climb higher," Loureiro noted.

Usiminas faces additional pressure from steel plate costs, which have also remained very high. The company buys plates to supply the unit in Cubatão (SP).

Steelmakers had already increased steel prices to the automotive industry earlier this year. CSN confirmed a 23% adjustment for automakers, and from 18% to 23% for other industry sectors. The deal with automakers is annual.

CSN declined to comment on the price increase for distributors. Usiminas has not responded to contacts so far.

According to INDA's chairman, the distributors have suffered more than industries with the increase in steel prices, but there was a reduction in the difference between the sale prices for the sector and the other segments. In December, Loureiro said that the distribution network would only accept new increases if they were also applied to the other customers of steelmakers.

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