Posted on 26 Apr 2024
Brazil's government released a supplemental document on the planned increase in import tax rates, specifying 15 steel products, including hot-rolled coils (HRCs), cold-rolled coils (CRCs), hot-dipped galvanized steel, aluminum-zinc alloy coils, wire rods, and oil country tubular goods (OCTG), as the country's foreign trade body Gecex/Camex published on April 23 local time.
As Mysteel Global earlier reported, the country's foreign trade body on Tuesday decided to enforce import quotas on 11 steel products, alongside the imposition of a 25% tax on imports of these steel products whose volume in 2023 exceeded by 30% the average of external purchases that occurred between 2020 and 2022 to safeguard its domestic steel industry.
So, by this criterion, the increase of import tariffs would reach 15 steel products, but four of them remain on the agenda for further analysis, the document said.
The measure will be valid for 12 months, but the effective date of the additional tariffs on importing the aforementioned products into Brazil has yet to be announced.
Brazil's Ministry of Industry, Foreign Trade, and Services (MDIC) stated that the decision to raise steel import tariffs still requires approval from the South American trade bloc Southern Common Market (MERCOSUR).
Last year, Brazil imported steel products worth $1.6 billion, with China accounting for 83% of those sales, Mysteel Global learned.
Mysteel has compiled the list of affected steel products based on the official document from MDIC, as below:
MDIC applies the National Common Market System (NCM) coding system, which is largely similar to the international Harmonized System (HS) code used by Chinese Customs, with some differences in certain categories.
Source:Mysteel Global
