Brazil to restrict steel imports

Brazil to restrict steel imports

In a rebound to the US imposing 201 tariffs, Brazil's steel institute, IBS reports it's supporting targeted tariffs and possibly quotas on certain steel products. The aim behind the move is to control an expected flow of steel shipments as a result of the US S201 import tariffs. IBS has indicated they may recommend a combination of both quotas and tariffs, reporting they have given up on the idea of 30% across-the-board import tariffs. Official word is not expected until the last week of April when foreign trade chamber, Camex will review the issue. Industry insiders are speculating that a 31.2% reduction in steel imports in March was primarily due to foreign trade secretariat Secex taking longer to approve import requests which began March 1. Secex is expected to gradually release imports to avoid supply problems to steel consumers.