According to the forecast from traders and producers, in 2024, Brazil’s steel production might face another difficulty because the large numbers of imported goods might keep accounting for the local market.

According to data from the Brazilian Iron and Steel Association (Instituto Aco Brasil), in 2023, the output of raw steel from Brazilian steel manufacturers was expected to be 31.35 million metric tons, decreasing by 8% year on year. The decrease might be caused by the growth in steel imports from Asia.

Besides that, some domestic steel-consuming industries also faced pressure, such as Brazilian auto producers. The Brazilian auto producers’ shares in the Latin American market were shrinking due to the Asian competitors, and the situation would be hard to switch in 2024.