Weak performance in Brazil's industrial sector and lower growth in Argentina, Colombia and Venezuela resulted in Central and South America's industrial production having no overall growth in 2013 Q3. This caused the region's plate demand to decrease by 2% q/q. Brazil's anti-dumping measures and a 1.0 Mt capacity expansion will give an edge to Usiminas, which is likely to re-gain market share from 2014. For 2013, we estimate that Brazil's net trade will be close to neutral, a similar position to that of the last two years.
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