The Latin American Iron and Steel Institute (ILAFA) has reduced its estimate for year-on-year growth in steel consumption in Latin America this year, from 7.1 percent earlier this year to 4.7 percent, predicting a steel consumption volume of 62.1 million mt for 2011.
In Q2, steel consumption in Latin America reached 14.9 million mt, up three percent month on month but down one percent year on year. In addition, ILAFA expects Latin American steel consumption in 2012 will reach 67.8 million mt, up 9.2 percent year on year.
ILAFA's expectation is largely influenced by Brazilian steel consumption. Brazil is the largest steel producing and steel consuming country in the region. ILAFA recently revised its estimate for Brazilian steel consumption in the current year down to 25.80 million mt.