According to data from the Argentine Steel Chamber (CAA), the country's crude steel production in May reached 442,000 tons, an increase of 2.8% compared to April this year, but this number represented a drop of 1.1% compared to the same month of the previous year.

The CAA's report indicated that during the month of May, the energy sector showed a good level of operation and prospects for a slight increase in the future, while the mass consumption sector such as household appliances and packaging maintained the same level, although there is uncertainty in the second half of this year.

In addition, the construction sector continued the sustained level given that cement shipments increased by 10.8% in the first four months. Likewise, the automotive sector continued with good growth prospects for the year.

However, the agricultural machinery and implements sector remained uncertain due to the difficulties of closing new sales amid the record drought, which caused a drop in agricultural production by around 40%.