Latin American steel consumption and exports rise in December

Friday, 12 March 2021 11:08:43 (GMT+3)   |   Istanbul

According to Alacero, the Latin American steel association, in December last year, steel consumption in Latin America increased by 10 percent compared to the previous months and was up by 16 percent year on year, totaling 58.9 million mt, the highest level since March 2017. Latin America seeks to consolidate its recovery in challenging economic conditions in a period of global contraction which was much higher than any recorded since the 2008-09 financial crisis. In 2020, steel consumption in Latin America decreased by 9.6 percent compared to 2019, due to the contraction in industrial activities in the months of strict lockdown measures.

The share of imports in Latin American steel consumption in December last year was 35 percent, above the value recorded in the previous five months, amid strong demand, while in 2020 the share of imports in steel consumption was 33 percent, below the 35-37 percent range of previous years.

Latin American steel exports in December last year increased by 23.6 percent compared to the previous month. In November last year, Latin American steel exports declined by 19.8 percent. The trade balance in December recorded the largest deficit of the year, mainly due to an increase in steel imports into Mexico.

In January this year, Latin American crude steel production maintained its growth trend, up 8.7 percent compared to the same month of 2020. According to Alacero, global steel overcapacity continues to be a risk for domestic steel consumption which has been growing.

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