Brazilian mills, motivated by the currency exchange rate, are signaling an imminent price hike on flat steel products for October spot purchases, despite the depressed demand scenario that persists, market sources said Wednesday.
According to one executive, steelmakers are targeting prices increases for hot- and cold-rolled products, as well as for hot dip galvanized, of between 5% to 10%.
The move, he said, "is connected to the negative premium of the domestic products over the imported material," and motivated by the weakness of the Brazilian Real compared to the US dollar, which hit a record low Tuesday of Real 4.05/$1.
Sources said mills are not following the typical practice of communicating the potential price moves, such as sending price lists electronically, but are informing players of the changes by telephone calls.
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