The Brazilian foreign trade authority, SECEX, reported that the percentage of the total quotas of 529,113 mt were used by the importers until November 25.
Such import quotas are valid until January 31, 2025, for imports at the current average import tax of 12.5 percent, while the exceeding imports will be subject to import tax of 25 percent
The quotas by family of products, and respective utilization rates are the following:
- Plates in Coil: 7,964 mt, 6 percent already used
- HRC: 54,030 mt, 36 percent already used
- CRC: 100,559 mt, 66 percent already used
- Zinc Coated: 156,709 mt, 90 percent already used
- Galvalume: 155,892 mt, 90 percent already used
- Wire Rod: 52,976 mt, 41 percent already used
- Seamed piping: 983 mt, 16 percent already used.
According to analysts, the system of quotas and higher import taxes are not being able to reduce the level of imports to its historical average, raising perspectives that a new scheme to reduce imports of finished steel products will be implemented by the Brazilian foreign trade authorities.
In total, 74 percent of the 529,113 mt of the quotas were already used by the importers.
Such quotas and higher import taxes were implemented to face imports at alleged dumping prices, chiefly from China.
