Impact of Venezuelan HBI on the US Market

摘要

Venezuela initiated the merchant HBI industry in the mid 1970's with the commissioning of the HIB and FIOR de Venezuela plants. These supplied the US market almost exclusively during their initial operation. Later development of the HBI industry due to abundant natural resources has led to the installation of HBI plants with a total capacity of over 6 mtpy. HBI imports into the US are projected to increase to levels of the order of 3.2 mtpy by 2005 while pig iron imports are projected to decrease to 3.8 mtpy. Venezuela has been a major supplier of HBI to the US market. Over the last 2 years, 57% of Venezuelan HBI exports have gone to the US and 82% of the US imports have been Venezuelan HBI. Thus the US is presently Venezuela's major consumer. The outlook for continuing HBI production increases is good given the untapped capacity of the Orinoco Iron and Posven plants. There is no doubt that Venezuelan HBI producers can continue to meet the increased US requirements for HBI for years to come.