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Long and flat-rolled steel producer Gerdau expects demand to continue to grow in 2022, after a rapid recovery of the local market this year from the lows of 2020 that were caused by the Covid-19 pandemic, the Brazil-based company said on Wednesday October 27.
Brazilian steel consumption was likely to rise by 4-6% next year from 2021 levels, chief executive officer Gustavo Werneck said in conference calls to comment on its third-quarter earnings.
Data from steelmakers’ association Instituto Aço Brasil showed that apparent steel consumption in the country increased by 37.25% year-on-year in the first nine months of 2021 to 20.96 million tonnes, compared with 15.27 million tonnes.
The construction sector and some industrial sectors, such as capital goods, were estimated to have led that increase, while demand from long steel, retail and the automotive industry were more on the downside, he added.
“We remain bullish on 2022 [steel demand in Brazil],” Werneck said. “For flat steel, the outlook is positive.”
Source: Fastmarket
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