The US government has announced that it has reduced the import quota for semi-finished steel from Brazil amid the contracting steel market in the US.
A statement issued Monday from the US Trade Representative's office said Brazil's remaining 2020 quota for semi-finished steel will be reduced to 60,000 mt from 350,000 mt "in light of recent deterioration in market conditions brought on by the Covid-19 pandemic affecting domestic steel producers."
The USTR said it will maintain existing quotas for other Brazilian steel products, and consult with the country about the 2021 quota in December, "by which time we hope market conditions will have improved," the office said.
Brazil’s Foreign Ministry expects the US steel industry to recover and Brazil’s exports of semi-finished steel to the US to return to previous levels or even grow.