IABr Hikes Brazilian Steel Demand Forecast on COVID19 Recovery
Brazil Steel Institute, Instituto Aco Brasil, has revised its forecast for the Brazil’s steel market for the last time this year on November 27, reversing its expectations for a year on year sales volumes increase in 2020. The institute changed its estimates for domestic steel shipments to 18.89 million tonnes this year, 0.5% higher than 18.80 million tonnes last year. This reverses a forecast made on October 1 of 18.22 million tonnes, down by 3.1% from 2019. Aco Brasil executive president Mr Marco Polo de Mello Lopes said “What happened is that customers which usually order 1,000 tonnes would ask for three, four times those volumes. They are engaged in restocking when companies reopened from Covid-19-related restrictions.”
IABr also said that steel sale in Brazil is likely to grow by 5.3% in 2021 from this year, to 19.9 million of tonnes while steel consumption will increase by up 5.8% next year, to 21.97 million of tonnes.