The fast steel market recovery seen in Brazil in the past few months has led the country's steelmaker association, Instituto A??o Brasil, to revise its forecasts for 2020 up significantly from previous expectations set in July.
Full-year apparent steel consumption is now expected at 20 million tonnes, a 4.7% drop from 20.98 million tonnes in 2019. The previous estimate was for 17.96 million tonnes, a 14.4% year-on-year decrease.The decrease estimate in domestic sales volumes was changed to 3.1% from 12.1%, A??o Brasil added. The association now expects sales to total 18.22 million tonnes in 2020, from 18.8 million tonnes in 2019 and higher in comparison with the previous 2020 forecast of 16.52 million tonnes.
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