Brazilian newspaper Valor Economico reported Friday that Brazil's tax agency plans to introduce measures to restrict steel imports into Brazil.
Since prices in Brazil are often well below international market prices, that the tax agency is preparing to set minimum prices on 16 types of flat and long steel products based upon their costs of production, and importers will be forced to pay an additional tax of 12 percent on the minimum prices rather than paying the actual value.
The newspaper also said that steel imports reached a record of 4.4 million tons in September, and imports of flat and long steel products have consistently increased each month this year.