An industry report revealed that Latin America's steel industry is currently facing regional inflation, political instability, as well as rising prices caused by the war between Russia and Ukraine, and these factors could lead to a slight decrease (about 2%, according to Alacero) in demand for steel in the local market in 2022.
After the lifting of restrictions imposed in 2020 due to COVID-19, in 2021, steel production in Latin America clearly jumped and exceeded the previous level, Alacero notes.
Meanwhile, the association also predicts that in 2023, market demand could refresh and grow by 4%. However, industry experts in the same region believe that due to political uncertainty, there is still enough unfinished business.
Steel demand in Latin America may fall in 2022
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