Latin American steel production decreased by 14pc to 4.9mn tonnes (4.9mn mt) in October in comparison with the same period last year, due to slower global economic growth. The Latin American Steel Association’s (Alacero) latest data indicated that steel output declined by 8pc to 50.9mn tonnes, in the 10 months ended October 31, 2019, in comparison with the same period last year.
Rolled steel production dropped by 12pc in October to 4mn tonnes, its lowest level since February. Between January and October rolled steel production decreased by 7.5pc to 42.3mn tonnes, compared with the same period last year.
However, steel exports from the region grew despite low domestic consumption, increasing by 22pc to 718,000mt compared to the saame month last year.
Steel consumption in September fell by 6pc to 5.2mn tonnes, its lowest over the past three months, the Alacero data indicated. The steel association said that the political crises in Colombia, Chile, Peru, and Ecuador, in addition to the economic recession in Argentina and Mexico were among the key one of the key factors that contributed to this decline.