According to Brazil's National Institute of Steel Distributors (INDA), the country imported 364,400 tons of steel this June, an increase of 118.1% over the same month last year.

During the first half of this year, total steel imports amounted to 944,390 tons, a year-on-year increase of 103.8%.

According to INDA's president Carlos Loureiro, the increase was due to the fact that steel that arrived in June was purchased in January and February at prices around US$200 to US$300 lower than those of domestic steel prices.

Loureiro added that steel imports should increase their share of apparent consumption this year.