Aço Brasil revises steel demand forecast upward again

Brazilian steelmakers’ association Instituto Aço Brasil revised its forecast for the country’s steel market for the last time this year on Friday 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 18.8 million tonnes last year. This reverses a forecast made on October 1 of 18.22 million tonnes, down by 3.1% from 2019.
“What happened is that customers which usually order 1,000 tonnes would ask for three, four times those volumes,” Aço Brasil executive president Marco Polo de Mello Lopes said in a press conference on Friday. “They engaged in restocking when companies reopened from Covid-19-related restrictions.”

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Renato Rostás

November 27, 2020

22:12 GMT

São Paulo