Brazilian Steelmakers Produce 32.8 Million Tons of Crude Steel
"Steelmakers in Brazil produced 32.8 million metric tons of crude steel in 2010, an increase of 23.8% on 2009, as mills returned to near full-capacity production levels following the global economic crisis, the Brazilian Steel Institute, or IABr, said Tuesday", according to Dow Jones Newswires.
The report said that "Rolled steel products output rose 27.7% from the previous year to 25.8 million tons, while domestic sales grew 29.2% to 21.1 million tons. The nation's consumption of steel reached a record 26.6 million tons in 2010, up 43.1% on 2009, the institute said.
Part of the higher consumption was however taken up by growing imports. According to the IABr, steel imports soared 154.2% in 2010 to 5.9 million tons of products, worth $5.5 billion, attracted partly by growth in the domestic market.
The appreciation of the Brazilian real meanwhile limited export activity, with exports growing just 4.1% over the previous year to 9 million tons, worth $5.8 billion dollars, IABr said.
In December, crude steel output fell to 2.4 million tons, 6.7% lower than in the same month of 2009, the institute said. Domestic market sales volumes slipped 0.5% to 1.5 million tons.
Market participants attributed the fall-off in December's output and sales to the country's high level of imports, which have resulted in record-high inventories of some products."