Brazil’s steel imports hit new records

Brazil’s steel imports marked growth by the record of 18pc in 2024, as exports declined. Reports suggest that steel imports have risen to 5.9mn metric tonnes from 5 million tons in 2023, according to the national steel industry body Instituto Aco Brasil.

December imports fell by 36pc to 324,000 tonnes from the same month in 2023. Steel production increased by 5.5% last year, reaching 33.7 million tons, up from 32 million tons in 2023.

Brazil’s steel exports totaled 9.6 million tons in 2024, marking an 18% decline compared to the previous year. The drop was partly attributed to delays at the Federal Revenue Service.

Despite the export slump, domestic steel demand, measured by apparent steel use, which combines production and imports minus exports grew by 8.3%, reaching 25.9 million tons.

 Brazil’s Finance Minister Fernando Haddad said on Friday that high interest rates are expected to have a much stronger effect on inflation than widely assumed, easing concerns that fiscal challenges could undermine the effectiveness of monetary policy.

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