Apparent steel consumption in Latin America will increase by 3.4% in 2014, reaching 64.1 million tonnes, according to estimates released by the region's steel association, Alacero.

This forecast include figures for the region's seven major steel markets-Argentina, Brazil, Chile, Colombia, Peru, Mexico and Venezuela.

In 2013, steel consumption in these countries fell by 1.2% year-on-year, mainly led by a 9% decline in Mexican consumption levels.

For 2015, Alacero predicts a 3% surge in apparent steel consumption in these countries.

The region is dealing with a complex situation, according to Alacero, in which some countries could be affected by a potential end to the commodities boom and uncertain market conditions.

Source: SteelFirst