Brazil's steel market remains solid, although apprehensive, despite the fast global decline of stock markets in recent days, the president of Brazilian steel institute IBS Marco Polo Mello Lopes told BNamericas.
"There have been no cancellations of orders in the domestic market," said Lopes. "So far we haven't felt anything resembling a slowdown in demand."
However, Lopes said he has noticed international prices have started to drop.
"The decline in prices is connected to the credit problems among distributors and traders," he said. "We have been seeing mills around the world with high inventories. In the absence of credit, these mills are forced to lower prices."
Lopes said in Brazil's market business has gone on normally so far, but that does not mean the market is not bracing for challenges that could arise later.
"We have to be cautious with the current state of the economy worldwide," Lopes said. "No one has means right now to forecast how intense this crisis is going to be."
"At this time, we are not making any revisions," he said. "We are waiting for the dust to settle to see if we are going to make any alterations."
