Latin American imports of Chinese steel totaled 2.4 million mt in H1

07 Sep 2013 Last updated at 07:40:17 GMT
 
SAO PAULO (Scrap Monster) : Alacero, the Latin American steel association, has reported that Latin America received 11 percent of global exports of manufactured steel from China during the second quarter of 2013, reaching 1.5 million tons, 29 percent more than in the same period of 2012. This is the second time the region has received such an elevated volume, a fact that makes clear the growing attraction of the region as a preferred destination for Chinese exports.

In the first half of the current year, China exported 2.4 million mt of finished steel to Latin America, representing 24 percent of finished steel imports received by the region. During the first six months of the year, finished steel use in the region totaled 33.1 million mt, maintaining the level observed in the same period of 2012. These figures indicate that seven percent of the regional consumption was supplied by Chinese products. On the other hand, during the first six months, regional production of finished steel dropped one percent compared to the same period of 2012.

According to Alacero, the construction sector in Latin America, the sector which accounts for most of the regional steel consumption, has also revised its projections downwards. The low consumption outlook should be followed by a consequent drop in local production and imports.  However, the figures show that Chinese exports to Latin America kept on growing steadily during recent months.

Courtesy: Steel Orbis

Author: Paul Ploumis