Brazil's Steel Trade Mixed in August, Net Exports Expected in Q4
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The Brazilian steel industry experienced a mixed performance in August 2024, with both exports and imports of finished steel products declining compared to the previous month.
In August, Brazil exported 101,800 metric tons (mt) of finished steel products, valued at $84.5 million. This represents a decrease of 40.4 percent in volume and 39.4 percent in value compared to July.
Imports also fell in August, reaching 384,600 mt, valued at $281.7 million. This is a decrease of 22.8 percent in volume and 17.3 percent in value compared to July.
For the first eight months of 2024, Brazil's finished steel exports totaled 1.06 million mt, valued at $918.8 million. Imports amounted to 2.37 million mt, valued at $1.85 billion.
Coated flat products remained the main item imported in August, accounting for 39 percent of the total imports by volume. Hot rolled products continued to be the main item exported, representing 44 percent of the total exports.
Despite the decline in exports and imports in August, Brazil is expected to become a net exporter of finished steel products during the last quarter of the year. This is due to the recently adopted system of import quotas and higher import taxes for certain steel products.
When semifinished steel products are included, Brazil is already a net exporter of steel products. In August, exports exceeded imports by 25 percent in volume.
The mixed performance of the Brazilian steel industry in August reflects the ongoing challenges faced by the sector, including global economic uncertainties and competition from other countries. However, the positive outlook for the last quarter of the year suggests that the industry may be recovering and is poised for growth.
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The Brazilian steel industry experienced a mixed performance in August 2024, with both exports and imports of finished steel products declining compared to the previous month.
In August, Brazil exported 101,800 metric tons (mt) of finished steel products, valued at $84.5 million. This represents a decrease of 40.4 percent in volume and 39.4 percent in value compared to July.
Imports also fell in August, reaching 384,600 mt, valued at $281.7 million. This is a decrease of 22.8 percent in volume and 17.3 percent in value compared to July.
For the first eight months of 2024, Brazil's finished steel exports totaled 1.06 million mt, valued at $918.8 million. Imports amounted to 2.37 million mt, valued at $1.85 billion.
Coated flat products remained the main item imported in August, accounting for 39 percent of the total imports by volume. Hot rolled products continued to be the main item exported, representing 44 percent of the total exports.
Despite the decline in exports and imports in August, Brazil is expected to become a net exporter of finished steel products during the last quarter of the year. This is due to the recently adopted system of import quotas and higher import taxes for certain steel products.
When semifinished steel products are included, Brazil is already a net exporter of steel products. In August, exports exceeded imports by 25 percent in volume.
The mixed performance of the Brazilian steel industry in August reflects the ongoing challenges faced by the sector, including global economic uncertainties and competition from other countries. However, the positive outlook for the last quarter of the year suggests that the industry may be recovering and is poised for growth.
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