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The Organization for Economic LR/AH32 steel Cooperation and Development (OECD), the Latin American Iron and Steel Association (Alacero), and the Mexican Iron and Steel Industry Association (Canacero) recently jointly released a research report expressing high concern about the severe situation faced by the steel industry in Latin America. It is recommended that the region strengthen policy coordination to enhance industrial competitiveness.
The report analysis shows that the current changes in the global steel trade pattern have an impact on Latin America, mainly LR/AH32 steel manifested in the continuous increase in the proportion of imported steel. Data shows that over the past 15 years, Latin America's imports of steel from China have increased by 233%, and indirect imports through third countries have increased by 338% from 2008 to 2024. In 2024, imported steel accounted for 39% of the total regional consumption, putting pressure on the operation of local industries.
In response to the phenomenon of capacity flow, the report mentioned that China's steel industry has formed new production capacity in Southeast Asia through market-oriented investment, reaching about 10 million tons in the past five years. The OECD estimates that the structural adjustment of international steel trade in the past 25 years may have had a certain impact on the GDP growth rate of Latin America, with resource-based economies such as Chile, Brazil, and Argentina feeling more pronounced.
Although Latin American countries have implemented 79 trade remedy measures since 2010 (51% involving steel products from China and ASEAN), the actual effectiveness is limited due to issues such as longer response cycles (average 18-28 months), and efficiency needs to be improved compared to developed economies in Europe and America (12-14 months).
The report suggests optimizing the implementation mechanism of LR/AH32 steel trade measures, establishing a regional collaborative industrial policy framework, strengthening value chain integration, and emphasizing the key significance of regional integration policies in maintaining sustainable industrial development.
