The Chilean Steel Institute (ICHA) reported data about the apparent steel consumption in the country, which reached 603,000 mt in Q1 2023. The volume is the lowest since 2019, representing a 12.7 percent decline from the same period in 2022.
The apparent consumption of long steel products has also reached the lowest volume in five years, 235,000 mt, a 29.5 percent decline from the same period in 2023, with the consumption of rebars declining by 30.8 percent to 209,000 mt and the consumption of beams declining by 16.8 percent to 26,000 mt.
Conversely, the apparent consumption of flat steel products increased by 2.3 percent to 358,000 mt, with the volume of heavy plates increasing by 1.5 percent to 64,000 mt, the consumption of HRC increasing by 145 percent to 198,000 mt, the consumption of CRC declining by 38.3 percent to 21,000 mt and the consumption of flat coated products declined by 56 percent to 72,000 mt.
Nonetheless, ICHA expects for the total of 2023 an apparent consumption of steel products in Chile increasing on yearly basis by 1.2 percent to 2.316 million mt.
According to sources, the decline of steel consumption in Chile ultimately derives from uncertainties about the economical and political situation of the country, as there is a vast array of projects, with total investments estimated at $58 billion for the period of 2022 to 2026, that have no schedule of development defined so far.