Steelmakers set to hike prices in Brazil, BTG says

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 down 0.28%.

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 Maler)