Most steel-consuming sectors showed no signs of recovery in May. In rolled steel, the annual decline exceeded 40%.
The steel production crude oil during May recorded a drop significant, with a total of 312,100 tons, which represents a decline of 1.5% compared to April (316,900 tons) and a decrease year-on-year of 29.4% compared to May last year (442,000 tonnes).
The report from the entity analyzed the situation of each of the steel consuming sectors. “Construction showed a little more activity during May as shown by cement shipments, which grew by 18.7% compared to last April,” the report stated. They further emphasized that, Compared to the same month of the previous year, the decrease was 27.1%.
As for the production of rolled products, 250,100 tonnes were produced in May, 12.5% less than in April (285,700 tonnes), and a decrease of 40.9% compared to the 422,900 tonnes produced in May last year.
As for agricultural machinery and implements, the report noted “positive expectations” focused on the new harvest, while the energy sector “maintains favorable expectations for the year 2024.
Due to the return of installment financing, an increase in shipments to appliance manufacturers is expected
“In the consumer market, shipments to home appliance manufacturers showed no signs of recovery in May. However, there are better prospects for increased consumption in the coming months with the return of installment financing,” the report said.
Primary iron production in May 2024 was 249,000 tonnes, 6% less than in April (265,000 tonnes) and 14.9% less than in May 2023 (292,600 tonnes).
Cold rolled flat steel production in May 2024 was 81,200 tonnes, 0.1% more than in April (81,100 tonnes) and 21.2% less than in May 2023 (103,000 tonnes).
Source: Ambito
