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Brazilian steel hit by Asian imports surge

Brazilian steel sector anticipates 2024 challenges amidst surge in Asian imports.

Brazilian steel hit by Asian imports surge

In 2024, the Brazilian steel industry is gearing up to confront significant hurdles, with a notable drop in raw steel production from the 2023 output of 31.35 million metric tons. The primary culprit behind this decline is the escalating influx of Asian steel imports, casting a shadow on the domestic market. This shift is largely attributed to the substantial influx of imported goods, posing a threat to the local industry's stability.

Furthermore, local steel-consuming sectors, including major players like Brazilian auto manufacturers, are feeling the heat as their presence in the Latin American market undergoes a decline. The emergence of robust competition from Asian counterparts has added pressure, prompting a reevaluation of strategies within the domestic steel-consuming industries.

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