Domestic steel sales dropped by 6% in Brazil
According to recent reports from the industry, in first five months of the year domestic steel sales in Brazil dropped by 6% to 882'400 tonnes when compared to same period a year ago. This drop in sales are contributed to pull back in most steel consuming markets as well as high interest rates which effects investors negatively by discouraging them to make investments in Brazil. Added to that, there is also some problems observed in the long product market due to low activity seen in the construction sector. It is also stated that stock volume by end of May is reported to be 595'500 tonnes which is 8% higher compared to same month in 2002.