Latin America is the fifth largest region for consumption of rolled steel products in the world with 71.5 million metric tons (mt) for this year. However, Argentina and Colombia are the two faces of consumption, in the first country consumption will plummet 32.2 percent and in the second it will increase 26.4 percent, according to data from the Latin American Steel Association (Alacero), analyzed by SteelOrbis.
Alacero's forecasts for 2024 show that consumption in Argentina will be the lowest in six years with 3.38 million mt, 32.2 percent or 1.60 million mt less than last year. In contrast, Colombia will close the year with 4.2 million mt, 26.4 percent or 879,000 mt more than in 2023.
These two countries are the ones that will register the greatest changes in their consumption. Argentina will contribute 4.7 percent of the total steel consumed in the region and Colombia will have a market share of 5.9 percent.
The two largest steel economies in Latin America will also have asymmetric behaviors. The largest steel consumer in the region is Mexico with 27.58 million mt, that is 5.0 percent or 1.46 million mt less than in 2023. Mexico contributes 38.4 percent of consumption in the region.
The second largest consumer of steel is Brazil, with an estimated consumption volume for 2024 of 24.22 million mt, 1.0 percent or 245,000 mt more than in 2023. This volume represents 33.8 percent of the market share in Latin America.
These four countries mentioned contribute 82.8 percent of the total, according to Alacero data.