Sources Say Brazil's Usinas, CSN Consider Price Hikes in January; Steel Billet Price Up

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Sources say we may be seeing a price hike soon: “Usinas Siderúrgicas de Minas Gerais SA, Brazil’s largest flat steel producer, is in talks with domestic distributors to raise prices for plates, pipes and galvanized products in January, four sources with knowledge of the situation said on Thursday,” reports Reuters.

“Three of the sources said the company, which is known as Usiminas, has yet to formally announce the plan, with another saying that the average price increase could be 6 percent. Usiminas declined to confirm any price increases.”

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“Cia Siderúrgica Nacional SA, the country’s No. 2 flat steelmaker known as CSN, is also seeking to implement a price increase, said two of the sources, who declined to be identified because they are not authorized to speak publicly on the matter.”

In metal price news for steel…

On Thursday, December 19, the cash price of steel billet experienced the biggest change, rising 7.1 percent on the LME to $300.00 per metric ton. Also on the LME, the 3-month price of steel billet gained 1.8 percent to finish at $285.00 per metric ton.

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Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India was range bound. Chinese HRC saw little change in its price yesterday. The price of Chinese coking coal saw essentially no change for the fifth day in a row.

The US HRC futures contract 3-month price saw little price change yesterday at $643.00 per short ton. The US HRC futures contract spot price saw little movement at $676.00 per short ton.