World steel consumption has reached pre-pandemic level

The growth rate of steel production continues to grow, despite the prospects for uneven recovery in Latin America. In September, consumption was 5.025 million tons (Mt), an increase of 6.4% compared to August. This recovery was mainly driven by leveraged funds from Brazil, Mexico and Peru, respectively.

This month, flat products accounted for more than 85% of the recovery in consumption, and long products – 17.5%. Steel consumption in the third quarter reached 14.245 million tons, which is 15.9% more than in the second quarter. Thus, consumption reached the 2020 average (14.245 million tons), and the recovery process from pre-pandemic levels of Covid-19 began.

The role of the WTO and its new leadership

Members of the World Trade Organization are in the process of selecting a new leader to lead the WTO at a critical time for the future of international trade. Since the United States is the largest contributor to the WTO budget, it is important that the new CEO finds a way to work with the next US president and his trade team. The Joe Biden administration, according to the Council on Foreign Relations (CFR), may use the WTO as a forum to reaffirm US leadership in foreign policy and multilateral organizations, and to reaffirm its commitment to rule-based trade. system. The Biden administration is expected to spearhead efforts to reform and revitalize the WTO, according to CFR.

There are currently 305 Regional Trade Agreements (RTAs) in force, which are reported to the WTO. The WTO members with the largest number of active RTAs – more than 25 each – are the European Union, the states of the European Free Trade Association (EFTA) and Chile. “RTAs are a key element of international trade relations and discussions need to be stimulated to increase transparency and better understanding of their impact on the multilateral trading system. Over the years, RTAs have not only increased in number, but also gotten deeper and more complex, ”Leal said.

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