LatAm Crude Steel Output Dipped in 2020

The regional steel consumption surged 6% in November last year, in line with the improvement in economy.

SEATTLE (Scrap Monster): The Latin American crude steel production totalled 55.6 million tonnes (Mt) in 2020, representing a decline of 8.4% compared to 2019. The region followed the global trend during the year. The global steel output had recorded a decline by 7.7% during the previous year.

The country to report highest jump in yearly crude steel output in 2020 was Chile. The country’s production was up by 1.2%. On the other hand, Peru witnessed the biggest decline in output, registering a fall of approximately 41% over the year. The total production of rolled steel stood at 46.3 Mt, falling by 9.7%. The production by Argentina was down the most by 18.8%. The Mexican and Brazilian output declined by 9.9% and 3.7%.

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The regional steel consumption surged 6% in November last year, in line with the improvement in economy. The Latin American Steel Association (ALACERO) expects to continue the strong performance during the first quarter of the current year as well. The share of imported steel in total consumption dropped significantly during the month. The accumulated trade balance by the region reported deficit, which fell by 13.5% than the eleven-month period in 2019.

The trade association called upon the government to further strengthen the economic recovery in the region by promoting private and foreign investment.

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