Brazil Raises Import Tariffs On Steel Products. The Products Involved 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 products to 25% for a period of one year, and also established import quotas for 11 types of steel products. The steel products involved in the document include hot-rolled coils, cold-rolled coils, hot-dip galvanized coils, aluminum-zinc alloy coils, wire rods and oil-specific pipes (OCTB).

It is currently unclear when this measure will officially take effect, and how it will technically restrict the import of the above-mentioned products into Brazil. In addition, the Brazilian Ministry of Development, Industry and Foreign Trade (MDIC) also stated that the current case of raising import tariffs on steel products still requires the approval of the Southern Common Market (MERCOSUR).

According to the Brazilian Ministry of Development, Industry and Foreign Trade (MDIC), according to the Common Naming System of the Southern Common Market (NCM coding system), the internationally accepted Harmonized System, or HS code, is used. The NCM number of the goods is similar to the Chinese customs code HS code, and the codes are mostly similar. , a small number of categories have their own special features. ) shows that in 2023, the import quantity of 15 steel products exceeded its 2020-2022 average by 30%, so it was decided to strengthen import controls on such products. . At a press conference on April 23, 2024, Geraldo Alckmin, Brazil’s Minister of Development, Industry and Foreign Trade, also reaffirmed this reason.