LatAm Crude Steel Production Continued to Decline

The Chinese imports accounted for almost one-fourth of the total steel products imported by the Latin American countries.

SEATTLE (Scrap Monster): The recent trade statistics published by the Latin American Steel Association (ALACERO) points to substantial decline in crude steel production by the region in the month of December 2019.

The regional crude steel production recorded 12% decline from December 2018 to total 4.499 million tons (Mt) in December last year. The market witnessed huge slow slowdown in steel consumption, mainly on account of unfairly imported steel products and the high cost of domestic market. The annual steel balance dropped by 9% from 2018 to negative, mainly contributed by Brazil, Mexico and Argentina.

The Chinese imports accounted for almost one-fourth of the total steel products imported by the Latin American countries. The region turned out to be the second largest recipient of rolled products exports from China. Consequently, the LatAm rolled steel production dropped to 3.598 Mt in December, hitting the lowest level in almost three years. The production registered the fourth consecutive monthly decline.

ALSO READ: LatAm Steel Trade Association Condemns Decision to Reinstate Import Tariffs

Commenting on the outlook, ALACERO fears that the coronavirus epidemic could continue to impact global trade. The economic crisis in the countries of the region is also likely to impact the development prospects and productivity of steel sector, it noted.

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