SAO PAULO, Oct 15 (Reuters) - Steelmakers Usiminas, CSN and
ArcelorMittal SA are planning to hike prices of steel
for November delivery in Brazil, analysts at investment bank BTG
Pactual wrote in a note to clients on Thursday.
"Our channel checks have confirmed that CSN, Usiminas and
ArcelorMittal are announcing another flat steel price hike for
the distribution chain," analysts Leonardo Correa and Caio
Greiner wrote in the note.
"The industry is announcing a 10-12% price hike for
November, which places the accumulated steel price hikes at
above 40% YTD."
Brazil-listed common shares in CSN, formally Cia Siderurgica
Nacional SA, closed up 5.71% on Thursday, while
preferred shares in Usiminas, formally Usinas Siderurgicas de
Minas Gerais SA, closed up 6.06%.
Brazil's benchmark Bovespa equities index closed
Usiminas said in a statement to Reuters that it does not
comment on pricing policy, while ArcelorMittal and CSN did not
immediately respond to a request for comment.
(Reporting by Paula Laier in Sao Paulo; Writing and additional
reporting by Gram Slattery in Rio de Janeiro; Editing by Sandra