Bolivia boosted sales abroad of metals in concentrates led by zinc, lead, silver and copper as miners tapped into the metals market rally.
But André Gerdau Johannpeter believes the weak demand represents an opportunity.
Peruvian workers called off a planned strike at Votorantim Metais' Cajamarquilla zinc refinery after the company agreed to consider improving safety conditions and increasing profit sharing.
Manganese shipments to the Asian country increased over 300% in the period, official data shows.
The UK bank sees steel capacity rationalization in the Asian nation keeping prices stable near its call for US$70/t in 2Q17.