Brazilian steel products exports to Europe jumped 710% in the first half of 2022 to 909,828 tons from 112,221 tons in the first half of 2021, filling the gap left by regional suppliers from Russia and Ukraine, according to the latest data from the national association Aço Brasil steel producers.
Exports to Europe accounted for 13.4% of total Brazilian exports in January-June, compared to 2.2% in the same period in 2021, and mainly consisted of coated and uncoated flat steel products.p>
Supply restrictions caused by the Russian-Ukrainian war also prompted Brazil to increase shipments to neighboring Latin American countries to 2.12 million tons in the second half of the year, up 66.7% from last year. Shipments to Asia followed at 174,663 tons, up 3.1% year-on-year, while shipments to Africa totaled 128,101 tons, up 594% year-over-year.
The US remained the top consumer of Brazilian steel products, mostly slabs, at 3.24 Mt, but down 9.4% from exports in H2 2021.
Exports were also boosted by attractive exchange rates and high prices, combined with a weak domestic market.