Latin American steel consumption close to 60 million tonnes - Ilafa

Tuesday, 25 Jan 2011
According to Latin American Iron & Steel Institute, Latin American steel consumption is estimated to have reached nearly 60 million tonnes in 2010, ahead of initial expectations. Compared with the 2009 level of 45 million tonnes, 2010 consumption was up by 33.3%.
Initially, Ilafa group expected 2010 steel consumption would reach 50.7 million tonnes, but upgraded its forecast to 56.2 million tonnes in September 2010.
Ilafa said that steel consumption in Latin America (including Mexico) has grown, together with socioeconomic development, going from almost 6 million tonnes in 1960 to 2010's estimated 60 million tonnes.
This is partly due to growing regional industrialization. However, the institute says the situation could reverse if Chinese indirect steel exports to the regions and the impact of the appreciation of regional currencies continue affecting the local industry and competitiveness.
(Sourced from www.arabsteel.info)