For hot-rolled coil, the increase was expected to be 40-45%, while the company was aiming for a 30-35% rise for galvanized steel, Martinez said during an investor meeting.
Anfavea, the Brazilian carmakers’ association, said on Monday that talks with mills were tough, and that they were offered a minimum 30% increase
“Iron ore prices have skyrocketed this year, and the dollar has strengthened against the [Brazilian] Real,” Martinez said in the meeting on Thursday. “There is no way we would be able to raise prices by a smaller percentage, because we need to recover from that cost inflation.”
Fastmarkets’ index for...