So far in 2024, the value of Gerdau’s shares declined by 10 percent in the São Paulo stocks exchange (BOVESPA), while the shares of CSN and Usiminas are following a similar pattern, having declined by 9 percent during the period.
According to analysts, the disappointing performance of such shares reflect the pressure from China and the imports of Chinese steel products and its sales in the Brazilian domestic market, reducing the volume of sales by the domestic producers.
Among the analysts, there is a common belief that imports of steel products at dumping prices from China could increase during the year, reducing volumes and margins of the Brazilian producers, reinforcing the need for the imposition by the authorities of a higher import tax for the Chinese steel products.
The Brazilian steel institute (IABr) remains asking the authorities the imposition of a 25 percent import tax for al steel products produced in China.