A previous increase of around 10% was already almost fully applied across June and July
, according to the CEO. Stronger-than-expected demand from the construction sector and a discount over imported material were factors supporting the next price move, he added.
Previously, sources had told Fastmarkets that the company and its main competitor in Brazil, ArcelorMittal, intended to raise rebar prices by 8% in September
. It was not immediately clear whether smaller market participants would also implement such a price increase.
Gerdau is also planning to raise domestic prices in September for flat steel – an 11% increase. Besides long steel, the company also makes hot-rolled...