The Brazilian foreign trade chamber (Camex) announced that the import tax for some steel products will be increased by 10 percent on September 30.
By request of steel consuming sectors, Camex had authorized in 2022 a 10-percent import tax reduction, due to accusations of “abusive steel prices” in the Brazilian domestic market.
The tax reduction was originally established to be valid until Dec. 31, 2023, but the government accepted a request by steel producers to end the program earlier, based on claims that the country’s steel imports have increased by a wide margin, “with variations of up to 714 percent,” according to Camex.
According to the country’s steel institute IABr, Brazilian steel imports during the January-August period of 2023 increased on yearly basis by 49.5 percent to 3.19 million mt.
With the decision, the import tax for most steel products will return to the 9.6 to 12.8 percent range, covering plates in coils, HRC, CRC, galvanized flat products, aluminum-zinc coated products, wire rod, stainless steel long products, seamless pipes and seamed pipes.