Brazilian steelmaker Companhia Sider??rgica Nacional (CSN) sees no likelihood of discounts on steel prices to the domestic market in the near term, commercial director Luis Martinez told analysts on Thursday November 8.
Chinese prices were a beacon to other markets and still had upside potential, he believed.CSN has increased its prices by an average of 27.00% so far in 2018, Martinez said during a conference call. There were some discounts heard in the distribution sector but these were relatively minor moves in the market, he added."This is something smaller vendors, or the 'retail' [vendors], must be doing," Martinez said. "Even after the price rises this year, local steel is only 4-8% more expensive than imports."Martinez's calculation considered the price of hot-rolled coil at $550 per tonne in China, and an exchange rate of 3.70...