Brazilian steel and mining company Usiminas expects lower domestic sales and imports in the fourth quarter in line with seasonal trends.
Nevertheless, the company is monitoring the market for the possibility of a second price increase in the coming months, which will be the second increase since October," the executives said during a press conference 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 exert pressure in 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 a year earlier. Steel production decreased by 15% to 746,000 tons, the company said.
Usiminas' quarterly rolled steel production decreased to 1.12 million tons from 1.15 million tons a year earlier.
Iron ore production increased by 10% to 2.4 million tons in the quarter, while iron ore sales rose to 2.50 million tons, an increase of 9%
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