Steel demand in Brazil to slow down: Huciminas
Sao Paulo, Oct 24 (Argus) - Brazilian steel and mining company Usiminas expects lower domestic sales and imports in the fourth quarter in line with seasonal trends. However, the company is monitoring the market for an opportunity to raise prices again in the coming months, which will be the second increase since October. This was announced by the company's executives at a reporting meeting on October 24. Usiminas forecasts stable steel prices in the fourth quarter, despite recent price increases of 4-7% as of October. The forecast takes into account the effects of the previous period of low prices, which continue to have an impact on the current quarter. Average steel prices fell by 5% to 5,240 rupees ($972) per tonne in the third quarter compared to the same period last year as a result of a sharp decline in prices from June to September. Steel sales also decreased to 1.10 million tons from 1.12 million tons in the third quarter compared to the same period last year. Steel production decreased by 15% to 746,000 tons, the company said. Usiminas' rolled steel production decreased to 1.12 million tons in the quarter from 1.15 million tons a year earlier. Iron ore production increased by 10% to 2.4 million tonnes in the quarter, while iron ore sales increased by 9% to 2.50 million ...
