Sao Paulo: A well-known Brazilian Steel Research Institute recently downgraded its forecast for Brazil's crude steel production this year, revised from a 2.7% year-on-year increase to a 2.2% year-on-year increase. After the Dam Break in Valley, domestic concerns about economic growth and rising costs were widespread.
On Thursday, the Brazilian Iron and Steel Association (IABr), a group of 30 steelmakers, estimated Brazil's crude steel output to be 36.03 million tons in 2019. At the same time, the agency also said that crude steel (apparent) consumption in 2019, including domestic consumption and imports, will increase by 4.6% to 22.25 million tons from a year earlier, which is also lower than the 6.2% growth forecast in December.
The current capacity utilization rate of the steel industry is only 66.6%, which indicates that the domestic market has not progressed as expected, Mr. Marco Polo de Mello Lopes, president of the Brazilian Iron and Steel Association, told reporters in Sao Paulo.
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