Brazilian steelmaker and mining firm Usiminas expects weaker domestic sales and imports in the fourth quarter, in line with seasonal trends.
Still, the company is monitoring the market for a chance to raise prices again in coming months, which would be the second hike since October, executives said on an earnings call on 24 October.
Usiminas forecasts stable steel prices in the fourth quarter, despite a recent price increase of 4-7pc as of October.
The projection accounts for carryover from a previous low-price period that continues to weigh on the current quarter.
Average steel prices fell by 5pc to R5,240 ($972)/t in the third quarter from a year earlier as a result of a steep price decline from June-September.
Steel sales also declined to 1.10mn t from 1.12mn t in the third quarter from a year earlier. Crude steel production fell by 15pc to 746,000t, the company said.
Usiminas' quarterly rolled steel output dropped to 1.12mn t from 1.15mn t a year earlier.
Iron ore output increased by 10pc to 2.4mn t in the quarter, while sales of iron ore rose to 2.50mn t, up by 9pc.
