Authorities in Argentina have imposed a new control for the imports of services, including ocean freight, due to a “severe shortage” of foreign currencies, according to media reports.
According to the local press, the companies interested in hiring ocean freight services must now seek authorization from the secretary of trade, a procedure that could take sixty days to achieve the authorization.
With the authorization, the companies will be allowed to access the foreign currency market to obtain the resources necessary to hire the transportation service.
Analysts warned that the local steel industry will be severely affected when the measures come in force, as the sector is dependent on imports of raw materials for its operations, including semifinished products to feed their rolling operations.
In 2022, Argentina imported from Brazil a combined 3.89 million mt of iron ore and pellets and 226,500 mt of slab.