Executives were unanimous about the V-shaped economic recovery throughout the region during the 2020 edition of the Latin American Steel Association (Alacero) conference held on Tuesday November 10.
On the other hand, most of this jump in demand was attributed to restocking after market participants foresaw a much stronger impact from the Covid-19 pandemic on the steel industry than what had occurred at the time.
“Everyone decided to protect themselves in April, May and June because we did not know what was going to happen [to steel consumption],” Deacero chief executive officer Raúl Muguerza said. “Inventories then plummeted and Latin America is now faced with strong demand coupled with restricted supply.”
Alacero has been revising its forecast for steel consumption in the region upward in recent...