Brazil Steel Demand Steady in 2026; Output to Dip 2.2% on Imports

Instituto Aço Brasil projects 2026 crude steel output at 32.4 Mt (-2.2% y/y) and domestic sales at 20.8 Mt (-1.7%), while apparent consumption rises 1% to 27 Mt. Exports are seen up 10% to 6.3 Mt, a slowdown from prior year. Imports and margin pressure persist, but civil construction and automotive demand underpin the market.