Brazil sees significant increase in crude steel production for June 2024

Brazil's crude steel production surged by 11.8% in June 2024, while domestic sales and apparent consumption also saw notable increases.

In terms of the data released by the Brazilian Steel Institute (IABr), in June 2024, Brazil experienced a significant increase in steel production, with crude steel output reaching 2.874 million tonnes. This represents an 11,8% rise compared to the same month in 2023.

The surge extended across various product categories, with rolled steel products rising by 13.9% to 1.848 million tonnes and sheet products increasing by 13,9% to 1.057 million tonnes. Long steel products also saw growth, climbing 7,9% to 791,000 tonnes.

Domestic demand remained robust, with sales of metal products growing 11,5% to 1.828 million tonnes. Apparent consumption of metal products also rose by 10,3%, reaching 2.2 million tonnes. Despite these gains, Brazil's steel exports plummeted by 45,5% to 647,000 tonnes, while imports grew by 12,1% to 428,000 tonnes.

For the first half of 2024, Brazil’s crude steel production increased 2,4% y-o-y to 16.433 million tonnes. Domestic sales were up 3,5% to 10.100 million tonnes, although exports fell by 25,3% to 4.700 million tonnes. Imports saw a significant rise of 23,9% to 2.700 million tonnes, and apparent consumption of steel products grew by 6% to 12.400 million tonnes.