Brazil Imposes New Steel Import Quotas to Combat Dumping
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The Brazilian foreign trade authority, SECEX, has announced new import quotas for a total of 529,113 metric tons (mt) of steel products, effective from October 1, 2024, until January 31, 2025.
These quotas replace the previous quotas that were in place until September 30, 2024. The specific quotas for each product family are as follows:
Plates in Coil: 7,964 mtHot Rolled Coil (HRC): 54,030 mtCold Rolled Coil (CRC): 100,559 mtZinc Coated: 156,709 mtGalvalume: 155,892 mtWire Rod: 52,976 mtSeamed Piping: 983 mt
In the first two weeks of October, importers have already utilized 63 percent of these quotas. Once the quotas are exhausted, subsequent steel imports will be subject to a 25 percent import tax, significantly higher than the current average of 12 percent.
The implementation of these quotas and higher import taxes aims to address the issue of dumping, particularly from China. By restricting imports and imposing higher tariffs, the Brazilian government seeks to protect domestic steel producers from unfair competition and maintain a level playing field.
The higher import tax is expected to reduce the competitiveness of imported steel products in the Brazilian domestic market, leading to a decline in steel imports in the coming months. This measure is part of Brazil's efforts to support its domestic steel industry and promote self-sufficiency.
[/tintuc]
The Brazilian foreign trade authority, SECEX, has announced new import quotas for a total of 529,113 metric tons (mt) of steel products, effective from October 1, 2024, until January 31, 2025.
These quotas replace the previous quotas that were in place until September 30, 2024. The specific quotas for each product family are as follows:
Plates in Coil: 7,964 mt
Hot Rolled Coil (HRC): 54,030 mt
Cold Rolled Coil (CRC): 100,559 mt
Zinc Coated: 156,709 mt
Galvalume: 155,892 mt
Wire Rod: 52,976 mt
Seamed Piping: 983 mt
In the first two weeks of October, importers have already utilized 63 percent of these quotas. Once the quotas are exhausted, subsequent steel imports will be subject to a 25 percent import tax, significantly higher than the current average of 12 percent.
The implementation of these quotas and higher import taxes aims to address the issue of dumping, particularly from China. By restricting imports and imposing higher tariffs, the Brazilian government seeks to protect domestic steel producers from unfair competition and maintain a level playing field.
The higher import tax is expected to reduce the competitiveness of imported steel products in the Brazilian domestic market, leading to a decline in steel imports in the coming months. This measure is part of Brazil's efforts to support its domestic steel industry and promote self-sufficiency.
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