According to a report by Latin American steel association Alacero, crude steel production in Latin America totaled 61.3 million metric tons during the first 11 months of 2012, falling nine percent compared to the same period of last year. In November alone, 5.7 million metric tons were produced, which was nine percent higher compared to October 2011 and but down five percent over September this year.
During the month in question, Brazil was the Latin American country with the highest crude steel production with 2.8 million mt, rising two percent compared to November 2011. Meanwhile, Argentina saw a drop of 18 percent in its crude steel production year on year.
Latin American finished steel production in January-November amounted to 52.5 million mt. In the January-November period, Brazil was responsible for 46 percent of the volume with 24.2 million mt. Mexico was the second largest finished steel producer of the region with 15 million mt, representing 29 percent of the region's output. In November alone, finished steel production in Latin America was 4.9 million mt, representing a 10 percent increase over the same month last year and stable compared to October this year. Brazil and Mexico stimulated the year-on-year growth with 2.2 million mt and 1.5 million mt respectively.
The region's finished steel trade deficit in the January-October period of the current year was 10.1 million mt, greater than the 7 million mt deficit in the first 10 months of 2011. According to Alacero, all Latin American and Caribbean countries, except Argentina and the Dominican Republic, showed a finished steel trade deficit. Mexico recorded the largest deficit of 3.7 million mt. Meanwhile, Colombia with 1.4 million mt, Chile with 1.3 million mt and Peru with 1.2 million mt were also among the countries which recorded significant finished steel trade deficits.
Apparent finished steel use in Latin America reached 54.9 million mt in the first 10 months of 2012, up five percent compared to the same period a year ago, against a production level of 47.5 million mt. Chile, Mexico and Peru led overall consumption growth, with year-on-year increases of 23 percent for Chile and 15 percent for both Mexico and Peru.
In October 2012, steel consumption in Latin America amounted to 5.5 million mt, rising 3.8 percent compared to September this year and up five percent compared to consumption in the same month of 2011.