Latin American steel institute Alacero updated its forecast for the consumption of steel products in the region for 2022. In February, the association reported expectations for a 2.1 percent decline from 2021; the latest forecast predicts an 8 percent decline.
According to the institute, different factors have negatively affected expectations, including the invasion of Ukraine by Russia, Covid-19 related lockdowns in China, and fears of recession and high inflation, chiefly in the US.
In 2021, the consumption of steel products in Latin America reached 74.8 million mt, 27 percent more than 2020, so if expectations of around 69 million mt for 2022 are confirmed, the volume will be higher than in the pre-pandemic years of 2017 to 2019. For 2023, the forecast is for a 4 percent increase from the volume of 2021.