According to a report from Brazil Steel Institute (Instituto Aço Brasil, IABr), Brazil’s apparent steel consumption should have a year-on-year increase of 24.3% to 26.7 million tons this year. The increase in apparent steel consumption forecast was due to the rebound in the domestic demand after the impact of the COVID-19 epidemic last year.

IABr forecasted that Brazil’s crude steel output will reach 36 million tons in 2021, up by 14.7% year on year. The domestic steel sales volume was expected to be 22.8 million tons, a year-on-year hike of 17%.

IABr said that the local steel industry has sufficient steel supply currently due to rebounded activities, so prices of part bulk commodities have had some drops in stability.