US Markets
MT

Steelmakers set to hike prices in Brazil, BTG says

Credit: REUTERS/PETER POWER

Steelmakers Usiminas, CSN and ArcelorMittal SA are planning to hike prices of steel for November delivery in Brazil, analysts at investment bank BTG Pactual wrote in a note to clients on Thursday.

By Paula Laier

SAO PAULO, Oct 15 (Reuters) - Steelmakers Usiminas, CSN and ArcelorMittal SA MT.LU are planning to hike prices of steel for November delivery in Brazil, analysts at investment bank BTG Pactual wrote in a note to clients on Thursday.

"Our channel checks have confirmed that CSN, Usiminas and ArcelorMittal are announcing another flat steel price hike for the distribution chain," analysts Leonardo Correa and Caio Greiner wrote in the note.

"The industry is announcing a 10-12% price hike for November, which places the accumulated steel price hikes at above 40% YTD."

Brazil-listed common shares in CSN, formally Cia Siderurgica Nacional SA CSNA3.SA, closed up 5.71% on Thursday, while preferred shares in Usiminas, formally Usinas Siderurgicas de Minas Gerais SA USIM5.SA, closed up 6.06%.

Brazil's benchmark Bovespa equities index .BVSP closed down 0.28%.

Usiminas said in a statement to Reuters that it does not comment on pricing policy, while ArcelorMittal and CSN did not immediately respond to a request for comment.

(Reporting by Paula Laier in Sao Paulo; Writing and additional reporting by Gram Slattery in Rio de Janeiro; Editing by Sandra Maler)

((gram.slattery@thomsonreuters.com; +55-11-95057-1453))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

MT

Latest Markets Videos

    Reuters

    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

    Learn More