Brazilian exports will increase around 14% in 2003

Brazilian exports will increase around 14% in 2003

According to Brazilian Steel Institute (IBS) forecast, total steel exports from Brazil will be increased by around 14% in 2003 over the 2002 level of 11.7 million tons. Brazilian steel exports increased by 31% to 5.9 million tons in the first half of 2003 or by 70% to $1.7 billion. Exports to China corresponds to 16.2% of Brazilian exports. IBS stated that revenues increased due to better product mix including more cold rolled and galvanized steel while tons increased due to the fall in domestic sales. IBS expects around 1.2% decrease in the domestic sales this year when compared to 15.8 million tons recorded in 2002. Domestic sales amounted to 7.9 million tons in the first six months of 2003. Domestic sales of flat products and longs were 4.8 million tons, up by 5.6% and 2.7 million tons, down by 7.9% respectively. Furthermore, demand and prices for flats keep the upward trend long prices show downward movement in Brazil.