Brazil Steel Institute said that the European Union (EU) removed import quota on stainless steel and steel profile from Brazil.
Chairman of the Brazil Steel Institute, Marco Polo de Mello Lopes commented on this plan: “It is positive because it allows both products to seek more market, and even more in the case of stainless steel as it is of higher added value.”
Brazil Steel Institute expects steel exports volume this year to amount 12.9 million mt, down 7.3 percent and imports in the same period to reach 2.4 million mt, down 0.6 percent year on year.
The Institute indicated that domestic steel industry in Brazil is operating only at 67 percent of its installed capacity, while it needs to reach 80 percent to achieve strong performance; therefore EU’s announcement is a big relief for Brazilian steel producers.
As SteelOrbis previously reported, last week, EU announced some adjustments in import quota volumes, reducing the planned increase from five percent to three percent in all product categories.