LatAm Steel Consumption Soared in Early-2021

The key drivers of growth in the region would be Mexico (5%) and Brazil (3.7%).

SEATTLE (Scrap Monster): The latest report published by the Latin American Steel Association (ALACERO) points to recovery in steel consumption levels by countries in the region during the month of January 2021.

According to ALACERO, the regional steel consumption increased for the ninth month in a row during January 2021. The consumption totalled 6.09 million tonnes (Mt) during the month, which is marginally higher by 0.8% over the prior month and significantly higher by 12.7% when compared with the same month a year before.

ALSO READ:

LatAm Crude Steel Output Dipped in 2020

ALACERO Conclave to Explore LatAm Steel Industry Opportunities

The steel demand in the region is likely to witness strength in the short-term. In the April update of its economic forecasts for the year, the International Monetary Fund (IMF) had predicted 6% growth to global economy. Also, the Latin American economy is expected to grow at 4.6%. The key drivers of growth in the region would be Mexico (5%) and Brazil (3.7%).

The steel imports by the region in the opening month of the year surged higher by 5.7% compared to January 2020. On the contrary, exports contracted by 27.3%. The exports accounted only for 11.4% of the region’s total production during the month. Consequently, the trade deficit increased further.

• The Hidden Cost of Convenience is Adding to the Rising E-Waste Crisis
• Waste Pro Celebrates Lake Mary Little League World Series Champs
• Vermont’s Chittenden Solid Waste District Seeks New Recycle Center Site
• Bristol, NH Considers Program Modeled After Foam Recycling in Gilford