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Brazil's major steel manufacturers plan to implement a large-scale price adjustment starting October 1st, with flat steel prices rising by up to 8%. The main purpose of this move is to keep pace with rising prices in the international market. L690M steel, Hot-rolled coil prices in Brazil will be most significantly affected by this coordinated price increase. It is reported that all major steel mills plan to raise their prices by 7.5% to 8%.
Price increases for steel products other than hot-rolled coil are reportedly between 3.5% and 4%. At least four major steel mills are likely to participate in this coordinated action. The monthly estimated price for hot-rolled coil (ex-factory price) in Brazil is 3,500-3,800 reais/ton ($648-704 USD/ton), a slight decrease from 3,700-3,800 reais/ton ($685-704 USD/ton) a month ago. L690M steel, Meanwhile, the weekly estimated price for imported hot-rolled coil at major South American ports on September 19th was $530-560 USD/ton, remaining unchanged for four consecutive weeks. However, the market generally believes that this price increase is not a sustainable long-term measure. Domestic distributors doubt whether steel mills can maintain the new high prices.
