Brazil sets import quotas for 11 steel products

Brazil's government revealed on Tuesday its decision to enforce import quotas on 11 steel products, alongside the imposition of a 25% tax on imports exceeding the set volume, according to its foreign trade body Gecex/Camex on 23 April local time.

The measure, slated to be valid for 12 months, is aimed at safeguarding the country's steel industry. Brazil intends to closely monitor market conditions during this period, hoping the initiative will aid in reducing idle capacity within the local steel sector, Mysteel Global learned from the report.

Although specifics regarding the quotas or affected products have not yet been disclosed, it's noted that the government is also contemplating quotas for an additional four steel products.

"Technical studies show that this measure will not have an impact on consumer prices or derivative products in the production chain," the foreign trade body said.

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