The Chilean Steel Institute (ICHA) said 2026 could see Chile's steel consumption grow by 3.8 percent compared with 2025 levels, supported by investments in productive infrastructure, which is growing at double digits, they say, and by a positive investment cycle that the Central Bank projects for 2027 and 2028.
Apparent steel consumption in Chile reached 517,000 metric tons (mt) in Q2 2026, a decline of 24.3 percent from the 683,000 mt noted for Q2 2025.
According to ICHA, Q2 declines do not necessarily foreshadow results for all of 2026, as the decline is explained in part by a comparison base that was the highest in three years and by an inventory adjustment, while a pipeline of projects concentrates its execution in the second half of the year, they said.
The macroeconomic context has become more demanding, ICGG said. In September, the Central Bank cut its 2026 GDP growth forecast to a range of 0.25 to 0.75 percent, while estimating a slight contraction in total investment this year. The Chilean Chamber of Construction (CchC) said they expect sector investment to grow between 2.5 percent to 4.5 percent.
As for medium-term prospects, the Central Bank projects investment could grow by 8.1 percent in 2027 and an additional 7.1 percent in 2028, while a survey by the Capital Goods Corporation raised its outlook for investments for the two-year period by 15 percent.
