ArcelorMittal Inox confirmed the news that the company will increase its stainless steel price by 30 percent in response to increasing raw material costs, such as iron ore, nickel and coal, over the next six months.

Reportedly, ArcelorMittal owned about 75~80 percent of stainless steel market in Brazil. In Brazil, 90 percent of the stainless steel output is flat product. And Brazil consumed 250,000 tons of stainless steel flat products last year.