The Brazilian Association of Machinery and Equipment, Abimaq, will launch a campaign to incentivize the imports of steel, as prices for the domestic product have been on an increasing trend.
Earlier in May, Brazilian steelmaker Companhia Siderurgica Nacional (CSN) announced it will raise steel prices by 7.5 percent in June and then by another 7.5 percent in July. The announcement came after several other price hikes this year.
“Steel prices are in total unbalance and continue increasing,” said José Velloso, president at Abimaq, adding that the aim is to make domestic steel prices decline.
“It’s not a pool of companies. Each company will buy its own steel, but we’ll incentivize and show the way (to import it) and we’ll see if we can make (domestic) steel prices drop,” he said.
The Abimaq president said the association held meetings with its associates to seek alternatives to import the product primarily from China.