The Brazilian steelmaker Usiminas indicated that it would increase steel prices in 2025 due to the devaluation of the Brazilian Real against the US dollar and the fact that the market is still hot.

According to the financial vice president of the company, Thiago Rodrigues, the Brazilian Real has had a devaluation of 30% this year, which means higher costs and the need to pass on steel prices. The vice president expects steel prices to increase starting in 2025.

Earlier, the president of Brazil's National Institute of Steel Distributors (INDA), Carlos Loureiro, said that the country's steelmakers expect an average increase of prices for all flat steel products by between 7% and 7.5% in January.