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Brazilian steel companies announced price increase

According to INDA, Brazilian steel producers Usiminas and ArcelorMittal Brazil may follow suit to raise steel prices after CSN announced a 10.5% increase in steel prices in its distribution chain.

Both Usiminas and ArcelorMittal Brazil should do the same, INDA said, because Covid-19 has increased steel companies' costs. Carlos Lorero, President of INDA, said the price increase should be around 10%.

Mr. Lorero said that despite the downturn in domestic steel demand, Usiminas and Brazil's state-owned steel companies should continue to raise prices due to a small recovery in some sectors such as the civil construction and home appliance industries.

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