Brazil Raises Steel Import Tariffs. The products involved in the case include hot coils, cold coils, galvanizing, etc

On April 23, 2024, the Brazilian Commerce and Foreign Trade Executive Management Committee (Gecex Camex) issued an official document announcing an increase in import tariffs on 15 types of steel to 25% for a period of one year, while setting import quotas for 11 types of steel products. The types of steel involved in the document include hot-rolled coils, cold-rolled coils, hot-dip galvanized coils, aluminum zinc alloy coils, wire rods, and petroleum specific pipes (OCTB).

At present, it is not clear when this measure will officially take effect, or how to restrict the import of the above-mentioned products to Brazil S10C steel at the technical level. In addition, the Brazilian Ministry of Development, Industry and Foreign Trade (MDIC) also stated that the current case of raising steel import tariffs still requires approval from the Southern Common Market (MERCOSUR).

According to the Brazilian Ministry of Development, Industry, and Foreign Trade (MDIC), according to the Southern Common S10C steel Market Common Naming System (NCM coding system, using the internationally recognized coding system Harmonized System, also known as HS code, the NCM number of goods is similar to the HS code of Chinese customs, with most codes being similar, and a few categories having their own unique characteristics.), in 2023, the import S10C steel quantity of 15 types of steel products exceeded 30% of their average value from 2020 to 2022. Therefore, it has been decided to strengthen import controls on these types of products. At a press conference on April 23, 2024, Geraldo Alckmin, Minister of Development, Industry and Foreign Trade of Brazil, once again affirmed this reason.