Author: Paul Ploumis
07 Jan 2015 Last updated at 02:43:40 GMT
SAO PAULO (Scrap Monster): The latest statistics released by the Latin American Steel Association (ALACERO) indicates that the steel imports from China grew significantly during the initial eleven months of 2014.
The steel imports by Latin America from China totaled 7.44 million tons during the period from January to November last year, 56% higher when compared with the imports during the corresponding eleven-month period in 2013. The Latin American imports of Chinese steel products had totaled 4.77 million tons during January to November in 2013.
The region remained the second largest destination of Chinese steel exports, after South Korea. The Chinese steel exports to South Korea had totaled 11.5 million mt during the initial eleven-month period in 2014.
Among Latin American countries, Brazil remained the largest importer of Chinese steel products. Brazil's imports of Chinese steel totaled 1.8 million tons during the eleven-month period, accounting for 24% of the total imports by Latin American countries. In second place was Chile with import share of 15%. The country's imports of steel products from China totaled 1.1 million tons. Central America accounted for 14% import share with nearly 1 million mt.
According to ALACERO report, flat steel imports by Latin America totaled 4.9 million tonnes, making up 66% of the total finished steel imports from China. Among flats, imports of sheet and coil of alloyed steel totaled 1.9 million mt, constituting 38% of flats. The long product imports totaled 2 million mt. Among long products, wire rod imports dominated with 60% share.
The Latin American imports of Chinese steel products totaled 729,865 tons during the month of November alone. The imports surged by 83% when compared with the same month last year.