According to Brazil's Steel Institute (IABr), during the first seven months of this year, Brazil, the largest steel producer in Latin America, produced 19.4 million tons of crude steel, an increase of 3.3% compared to the same period of the previous year. Domestic sales during this period totaled 12.1 million tons, a year-on-year increase of 5.6%.

Meanwhile, steel imports registered an increase of 23.7%, totaling at 3.3 million tons while steel exports totaled at 6.1 million tons, a drop of 12.9% on the same comparison basis.

According to these numbers, Brazil's apparent steel consumption registered 14.7 million tons in the first seven months of 2024, 7.4% more than the same period of the previous year.