The Brazilian steel sector should see positive prospects for 2022, according to analysts at XP Investimentos. Analysts Thales Carmo and Andre Vidal said long steel should keep up a good momentum, driven mainly by the new developments sector in Brazilian real estate.
“On the other hand, flat steel (products) should still suffer from a lack of semiconductors worldwide. Besides, declining steel prices in the global markets … should also affect results of (Brazilian) steelmakers in 2022,” the analysts said.
As for the iron ore market, the analysts said prices for the commodity should remain in line with current price levels, sustained by a growing steel demand in China. XP Investimentos said iron ore spot prices should reach $100/mt in 202.