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...