CSN expects steel market in Brazil to be solid until Q1 2021
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Update time : 2020-10-30 17:02:38
Brazilian steelmaker CSN reported strong results including a 27% increase in its steel sales during the third quarter this year compared to the same period last year.
Therefore, CSN expected the imbalance between the supply and demand for steel in Brazil to persist until the end of the first quarter of 2021. Taking advantage of this situation, CSN plans a new price adjustment in November.
Luis Fernando Martínez, CSN's commercial director, commented that currently domestic hot and cold rolled steels are 5% to 6% lower than imported ones, which allowed a further increase. The company will increase by 10% in November for flat steel prices and 7.5% for zinc-coated steel; meanwhile, it will raise 10% for long steel in November.
CSN President Benjamin Steinbruch said that in the third quarter his company had used up all its steel stocks, including emergency steel, even though it was working at full capacity.
According to him, with blast furnace 2 at the Volta Redonda plant in Rio de Janeiro back to full operation in November, the issue of supply and demand for steel should begin to balance in the fourth quarter.
