Brazil's Steel Production Surges in August
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Brazil's steel industry continued its strong performance in August 2024, with crude steel production reaching 2.963 million metric tons (mt), a 7.3% increase compared to the same month last year. This marks the second consecutive month of growth for the Brazilian steel sector.
The production of rolled steel products also saw a significant uptick, increasing by 9.5% to 2.060 million mt. Flat steel production rose by 2.9% to 1.150 million mt, while long steel production surged by 19.2% to 911,000 mt.
Domestic sales of steel products increased by 12.9% to 1.912 million mt, and the apparent consumption of steel products rose by 14.4% to 2.438 million mt. Exports declined by 11.8% to 828,000 mt, while imports increased by 30.3% to 646,000 mt.
For the first eight months of 2024, on an annual basis, crude steel production increased by 3.8% to 22.263 million mt. Domestic sales increased by 6.6% to 14.0 million mt, exports declined by 12.9% to 6.968 million mt, imports increased by 24.8% to 4.000 million mt, and the apparent consumption of steel products increased by 8.3% to 17.200 million mt.
The positive performance of the Brazilian steel industry in August reflects strong domestic demand and increased exports to key markets. The country's steel producers have been able to capitalize on favorable economic conditions and rising construction activity. However, global trade tensions and potential economic downturns remain key risks to the industry's future growth.
Brazil's steel industry continued its strong performance in August 2024, with crude steel production reaching 2.963 million metric tons (mt), a 7.3% increase compared to the same month last year. This marks the second consecutive month of growth for the Brazilian steel sector.
The production of rolled steel products also saw a significant uptick, increasing by 9.5% to 2.060 million mt. Flat steel production rose by 2.9% to 1.150 million mt, while long steel production surged by 19.2% to 911,000 mt.
Domestic sales of steel products increased by 12.9% to 1.912 million mt, and the apparent consumption of steel products rose by 14.4% to 2.438 million mt. Exports declined by 11.8% to 828,000 mt, while imports increased by 30.3% to 646,000 mt.
For the first eight months of 2024, on an annual basis, crude steel production increased by 3.8% to 22.263 million mt. Domestic sales increased by 6.6% to 14.0 million mt, exports declined by 12.9% to 6.968 million mt, imports increased by 24.8% to 4.000 million mt, and the apparent consumption of steel products increased by 8.3% to 17.200 million mt.
The positive performance of the Brazilian steel industry in August reflects strong domestic demand and increased exports to key markets. The country's steel producers have been able to capitalize on favorable economic conditions and rising construction activity. However, global trade tensions and potential economic downturns remain key risks to the industry's future growth.
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